AT&T class action lawsuit claims company lied about ‘highly toxic’ lead cables that cover America

AT&T class action lawsuit overview:

• Who: A group of New York City public pension funds filed multiple class action lawsuits against AT&T.
• Why: The pension funds claim AT&T misled investors about the extent of lead-sheathed cables in its network, which is over 20,000 miles long.
• Where: The consolidated class action lawsuit was filed in a Texas federal court.

AT&T misled investors about the extensive use and the environmental impact of its lead-sheathed cables, a consolidated class action lawsuit claims.

A group of New York City public pension funds claim AT&T stock fell to its lowest level in three decades after a series of July 2023 Wall Street Journal articles showed telecommunications companies, including AT&T, had left behind a sprawling network of cables covered in toxic lead across the United States.

The class action lawsuit argues AT&T knew about the toxic lead cables, which were installed decades ago and have since been abandoned as the company transitioned to fiber-optic technology, and the potential risks of exposure to workers and the environment, but failed to disclose this information to investors.

The public pension funds want to represent all investors who purchased or otherwise acquired AT&T securities between July 28, 2018, and July 26, 2023. 

AT&T failed to disclose extent of its lead-sheathed cables, class action claims

The public pension funds allege AT&T’s failure to disclose the extent of its lead-sheathed cables and the related financial exposure misled investors about the company’s environmental, health, and regulatory risks.

The complaint cites several examples of AT&T’s alleged knowledge of the lead cable risks, including warnings from environmental executives, investor concerns about lead disposal, and previous lawsuits over abandoned lead cables.

Despite these known risks, the pension funds argue that AT&T abandoned the lead cables in place and that the alleged decision not to remove them exposed the company to costly liabilities and reputational harm.

The public pension funds are demanding a jury trial and are seeking damages for the decline in AT&T’s stock price following the Wall Street Journal reports.

A consumer filed a similar class action lawsuit against AT&T in 2023 over claims the company failed to properly inform its workers or the public about cables across the country wrapped in toxic lead.

What do you think about the claims alleged about the toxic lead cables AT&T allegedly used? Let us know in the comments.

The public pension funds are represented by Joshua M. Lifshitz of Lifshitz Law Firm P.C. and Jeremy A. Lieberman, J. Alexander Hood II and Michael J. Wernke of Pomerantz LLP.

The AT&T lead cable class action lawsuit is In re: AT&T Inc. Securities Litigation, Case No. 3:24-cv-01196-N, in the U.S. District Court for the Northern District of Texas.

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