AT&T Sued for Stock Drop After Toxic Lead Cable Revelation (1)

AT&T Inc. allegedly misled investors about environmental issues related to toxic lead cables for more than three years, a new federal lawsuit says.

The telecommunications company misrepresented or omitted information about risks the lead cables posed to workers and the environment, artificially inflating its share price with filings and public comments, according to the complaint filed July 28 in US District Court for the District of New Jersey.

The proposed class action alleges that AT&T and its top executives filed annual reports, proxy statements, and press releases that highlighted environmental, social and governance commitments, but didn’t mention the toxic lead ...