SAN FRANCISCO, CA / ACCESSWIRE / October 2, 2023 / Hagens Berman urges Verizon Communications, Inc. (NYSE:VZ) investors who suffered substantial losses to submit your losses now.
Expanded Class Period: Oct. 30, 2018 - July 26, 2023
Lead Plaintiff Deadline: Oct. 2, 2023
Contact An Attorney Now: [email protected]
Verizon Communications, Inc. (VZ) Securities Fraud Class Action:
The complaint alleges Verizon made false or misleading statements and failed to disclose that Verizon: (1) owns cables around the U.S. that are highly toxic due to their being wrapped in lead, and which harm company employees and non-employees alike; (2) faces potentially significant litigation risk, regulatory risk, and reputational harm as a result of its ownership of these lead-covered cables and the health risks stemming from their presence around the U.S; and (3) was warned about the damage and risks presented by these cables but did not disclose them as a potential threat to employee safety or to everyday people and communities.
Investors began to learn the truth after the Wall Street Journal published a series of articles spanning July 9 - July 26, 2023.
These articles revealed that Verizon and others left behind toxic lead cables that they laid years ago. The WSJ also reported that independently tested samples from underwater cable sites revealed lead on the banks of the Mississippi, Willamette, and Passaic Rivers as well as in parts of Louisiana, New York, New Jersey, and elsewhere.
The WSJ further reported that Verizon officials have known for decades that lead in its networks was a possible health risk to its workers, some workers have illnesses that can be linked to lead, and lead could leach into the environment.
Finally, on July 26, 2023, the WSJ reported that the Justice Department and Environmental Protection Agency are investigating whether telecom companies knew of the potential risks posed by the abandoned lead cables.
"We're focused on investors' losses, Verizon's knowledge of potential liability stemming from its sprawling network of toxic lead-sheathed cables across the U.S., and whether the company historically understated its expenses," said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Verizon and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now »
If you'd like more information and answers to frequently asked questions about the Verizon securities fraud class action and our investigation, read more »
Whistleblowers: Persons with non-public information regarding VZ should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
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About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Reed Kathrein, 844-916-0895
SOURCE: Hagens Berman Sobol Shapiro LLP