NEW YORK, April 3, 2019 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in AT&T Inc. ("AT&T" or the "Company") (NYSE: T) of the May 31, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in AT&T common stock pursuant or traceable to the Securities and Exchange Commission ("SEC") S-4 registration statement and prospectus issued in connection with AT&T's June 2018 acquisition of and merger with Time Warner or purchased or otherwise acquired securities between October 22, 2016 and October 24, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/T. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who (a): purchased AT&T common stock pursuant or traceable to the Securities and Exchange Commission ("SEC") S-4 registration statement and prospectus issued in connection with AT&T's June 2018 acquisition of and merger with Time Warner; or (b): purchased or otherwise acquired securities between October 22, 2016 and October 24, 2018 (the "Class Period"). The case, Gross v. AT&T Inc. et al., No. 19-cv-02892 was filed on April 1, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) 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; (2) 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; and (3) AT&T had substantially increased prices, while at the same time discontinuing promotional discounts for its DirecTV Now service.
On October 24, 2018, Defendants announced AT&T's 3Q2018 results (the first full quarter post-Acquisition) and revealed a dramatic reversal of its reported total subscriber "Net Additions" trends. The results showed that traditional DirecTV satellite subscriber losses grew dramatically while DirecTV Now subscribers plummeted significantly.
On this news, the Company's stock price fell, over two trading days, from $33.02 per share on October 23, 2018 to $29.09 per share on October 26, 2018--a $3.93 or 11.10% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding AT&T's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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