Verizon, AT&T struck by shareholder lawsuits over lead cables

Verizon was hit with a fresh pair of class action lawsuits from investors, who claim the operator misled the public about the environmental and health risks of lead-clad cables. The lawsuits were filed in a western Pennsylvania federal court by the Gross Law Firm and Levi & Korsinsky, both of which urged Verizon shareholders to register for the class action. Investors can apply if they’ve purchased company stock between October 30, 2018 and July 26, 2023. AT&T is facing similar litigation over the lead cable issue, as the company’s stock in July 2023 reached its lowest level in 30 years. Gross Law Firm and Levi & Korsisnsky have also filed class action lawsuits on behalf of AT&T shareholders. The litigation stems from a Wall Street Journal investigative report published on July 9, 2023 which said at least 2,000 old telecom cables across the country contain degraded lead. Many of those cables are in places where people live and work. In regard to Verizon, both law firms claim the carrier allegedly concealed that it faces “potentially significant litigation risk, regulatory risk, and reputational harm” due to its lead cable ownership. The complaint said Verizon was warned about the risks presented by these cables but “did not disclose that they posed a threat to employee safety, to everyday people, and communities around the country.” Verizon declined to comment on the litigation.