The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically,the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) 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. Principally, the Registration Statement touted yearly and quarterly growth trends in AT&T's Entertainment Group segment, particularly Video Entertainment, including quarterly subscriber gains in its DirecTV Now service sufficient to offset any decrease in traditional satellite DirecTV subscribers, such that AT&T was experiencing an ongoing trend of total video subscriber "Net Additions."; (ii) 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; (III) AT&T had substantially increased prices, while at the same time discontinuing promotional discounts for its DirecTV Now service.
AT&T Inc. Securities Litigation
Apr 06, 2019 | AT&T Inc. NYSE: T | Case Status: Filed
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First Identified Complaint
Melvin Gross, et al. v. AT&T Inc., et al.
First Identified Complaint Filings
|#||Document Title||Filing Date|
|1||Class Action Complaint for Violations of the Federal Securities Laws||April 1st, 2019|
|2||U.S. District Court Civil Docket||April 2nd, 2019|