Verizon Faces Suit Over Toxic Lead Cable ESG Risks, Stock Drop

Verizon Communications Inc. and its chief executives are accused in a new federal lawsuit of concealing the threats posed by toxic lead cables the company owned, allegedly making misleading statements about its environmental safety commitments for more than three years.

The suit comes less than a week after fellow telecommunications giant AT&T Inc. was also sued under the Securities Exchange Act for allegedly misleading investors about environmental issues related to its own toxic lead cables.

Both telecom companies took over the cables that were originally laid by the Bell System, following the breakup of the former telephone company’s regional network ...