NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in AT&T Inc. (“AT&T” or the “Company”) (NYSE:T) of the May 31,
2019 deadline to seek the role of lead plaintiff in a federal securities
class action that has been filed against the Company.
If you invested in AT&T common stock pursuant or traceable to the
Securities and Exchange Commission (“SEC”) S-4 registration statement
and prospectus issued in connection with AT&T’s June 2018 acquisition of
and merger with Time Warner or purchased or otherwise acquired
securities between October 22, 2016 and October 24, 2018 and would
like to discuss your legal rights, click here:
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Southern
District of New York on behalf of all those who (a): purchased AT&T
common stock pursuant or traceable to the Securities and Exchange
Commission (“SEC”) S-4 registration statement and prospectus issued in
connection with AT&T’s June 2018 acquisition of and merger with Time
Warner; or (b): purchased or otherwise acquired securities between
October 22, 2016 and October 24, 2018 (the “Class Period”). The case, Gross
v. AT&T Inc. et al., No. 19-cv-02892 was filed on April
1, 2019 and has been assigned to Judge Valerie E. Caproni.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by making false and/or misleading statements
and/or failing to disclose that: (1) AT&T’s Registration Statement
touted false and misleading financial results, trends, and metrics and
omitted material facts rendering those financial results, trends, and
metrics materially misleading; (2) The Registration Statement also
purported to warn of numerous risks that “if” occurring “may” or “could”
adversely affect the Company while failing to disclose that these
“risks” had already materialized at the time of the Acquisition; and (3)
AT&T had substantially increased prices, while at the same time
discontinuing promotional discounts for its DirecTV Now service.
On October 24, 2018, Defendants announced AT&T’s 3Q2018 results (the
first full quarter post-Acquisition) and revealed a dramatic reversal of
its reported total subscriber “Net Additions” trends. The results showed
that traditional DirectTV satellite subscriber losses grew dramatically
while DirectTV Now subscribers plummeted significantly.
On this news, the Company’s stock price fell, over two trading days,
from $33.02 per share on October 23, 2018 to $29.09 per share on October
26, 2018–a $3.93 or 11.10% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
AT&T’s conduct to contact the firm, including whistleblowers, former
employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
York, NY 10017
Attn: Richard Gonnello, Esq.
(877) 247-4292 or (212) 983-9330