Thread regarding AT&T layoffs

Bragar Eagel & Squire, P.C. Files Class Action Lawsuit Against At&T, Inc
Bragar Eagel & Squire, P.C. announced that a class action lawsuit has been filed against AT&T Inc. in the United States District Court for the District of New Jersey on behalf of all persons and entities who purchased or otherwise acquired AT&T securities between March 1, 2020 and July 26, 2023, both dates inclusive (the “Class Period”). Investors have until September 26, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit. On July 9, 2023, the Wall Street Journal published an article reporting that more than 2,000 abandoned lead cables, previously used by AT&T and other telecommunication companies, were degrading and leaching into soil and groundwater, posing a significant public health risk. In a related article, the Wall Street Journal estimated that cleanup costs could run into the tens of billions of dollars. According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) AT&T 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.