NEW YORK, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Western District of Pennsylvania on behalf of all persons or entities who purchased the securities of Verizon Communications Inc. (“Verizon” or the “Company”) (NYSE: VZ) between February 4, 2020 and July 26, 2023, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Verizon owns cables around the country that are highly toxic due to their being wrapped in lead, and which harm Company employees and non-employees alike; (2) it faces potentially significant litigation risk, regulatory risk, and reputational harm as a result of its ownership of these lead-covered cables and the health risks stemming from their presence around the United States; (3) it was warned about the damage and risks presented by these cables but did not disclose them as a potential threat to employee safety or to everyday people and communities; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On July 9, 2023, The Wall Street Journal released an article titled “America is Wrapped in Miles of Toxic Lead Cables” which detailed how “[t]elecom companies laid them (toxic lead cables) decades ago and thousands were left behind, posing a hidden health hazard today.” The article further detailed how Verizon and other telecommunications companies “have known about the lead-covered cables and the potential risks of exposure to their workers” and that “lead was potentially leaching into the environment.” On this news, the price of Verizon stock declined.
Then, on July 14, 2023, The Wall Street Journal published an article titled “‘I was Really Sick, and I Didn’t Know From What,’” which detailed, among other things, health problems suffered by current and former Verizon employees as a result of their exposure to objects covered in lead. On this news, the price of Verizon stock further declined.
Thereafter, on July 17, 2023, The Wall Street Journal published articles titled “Environmental Groups Ask EPA to Shield Public From Abandoned Lead Cables” and “Telecom Stocks Extend Losses After WSJ Toxic Lead Investigation” that further detailed the fallout from The Wall Street Journal’s July 9 article, including how Verizon and other telecommunications companies had come under scrutiny from the U.S. Environmental Protection Agency and U.S. Federal Communications Commission. On this news, the price of Verizon stock declined more than 7%.
Finally, on July 26, 2023, The Wall Street Journal published an article titled “Justice Department and EPA Probe Telecom Companies Over Lead Cables” that detailed further regulatory scrutiny focused on Verizon and other telecommunications companies, including from federal agencies as well as state and local governments. On this news, the price of Verizon stock declined, further damaging investors.
Investors who purchased or otherwise acquired shares of Verizon should contact the Firm prior to the October 2, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
