Verizon falsely advertised focus on environment despite nationwide network of lead cables, lawsuit claims

Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.

Verizon lead cables class action overview: 

• Who: Plaintiff George Meehan filed a class action lawsuit against Verizon Communications Inc. and Chief Executive Officer Hans Vestberg and former Chief Financial Officer Matthew Ellis. 
• Why: Meehan claims Verizon repeatedly did not divulge its lead-covered cables in environment safety reports and that ultimately hurt stockholders.
• Where: The lawsuit was filed in federal court in Pennsylvania.

Plaintiff George Meehan filed a class action lawsuit against Verizon Communications Inc., its chief executive officer and former chief financial officer, claiming the company and executives hid the fact the company had lead-covered cable lines across the country in reports and financial statements.

The plaintiffs claim the Verizon lead cables ultimately came to light and cost stockholders money when the risks should have been divulged by the company all along.

The Verizon lawsuit cites reporting from the Wall Street Journal showing the cost and damages of having the lead-wrapped cable lines across the country.

“Had plaintiff and the other members of the class been aware that the market price of the company’s securities had been artificially and falsely inflated by defendants’ misleading statements and by the material adverse information which defendants did not disclose, they would not have purchased the company’s securities at the artificially inflated prices that they did, or at all,” the Verizon lead cables class actions says.

Verizon lawsuit is asking for company to pay damages for violating Securities Exchange Act of 1934

The class would include those who purchased or acquired publicly traded Verizon securities between Feb. 4, 2020, and July 26, 2023. The Verizon lead cables class is asking for damages to be paid for Verizon violating federal securities laws under the Securities Exchange Act of 1934.

AT&T also is facing a class action lawsuit from shareholders claiming that it knowingly hid the risks that it knew existed for employees, the general public and the environment from having at least 1,000 cables across the country wrapped in lead.

Do you know someone who directly works with cable company cables wrapped with lead? Let us know in the comments.

The plaintiff is represented by James E. Hockenberry of the Law Office of Leon Aussprung MD LLC.

The Verizon lead cables class action lawsuit is Meehan v. Verizon Communications Inc., et al, Case No. 2:23-cv-01375-NR, in the U.S. District Court for the Western District of Pennsylvania.

Read About More Class Action Lawsuits & Class Action Settlements:

• T-Mobile retailer suffers data breach affecting potentially thousands of customers
• Judge dismisses RICO class action alleging Cricket Wireless lied about 4G coverage
• Verizon says FCC’s newly required broadband nutrition-style labels will cost more than estimated
• Google class action claims recent software removed some PIxel phones’ ability to access 5G