NEW YORK, Feb. 21, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of AT&T Inc. ("AT&T" or the "Company") (NYSE: T). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether AT&T and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
In June 2018, in connection with its acquisition of Time Warner Inc. ("Time Warner"), AT&T issued approximately 1.185 billion new shares of AT&T common stock directly to former shareholders of Time Warner common stock, with each former share of Time Warner common stock issued and outstanding immediately before the acquisition converted into the right to receive 1.437 shares of newly issued AT&T common stock. The Registration Statement issued in connection with the stock issuance 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 purportedly experiencing an ongoing trend of total video subscriber "Net Additions." It subsequently became clear that AT&T had substantially increased prices while discontinuing promotional discounts for its DirecTV Now service and was consequently losing subscribers. Since the Time Warner acquisition, AT&T's stock price has fallen as low as $27.36 per share, a decline of nearly 16% from the $32.52 price per share on the exchange date for the acquisition.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP