NEW YORK, Aug. 26, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Verizon Communications Inc. (“Verizon” or the “Company”) (NYSE: VZ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Verizon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
Between July 9 and July 14, 2023, the Wall Street Journal (“WSJ”) published a series of articles reporting that more than 2,000 abandoned lead cables, previously used by Verizon and other telecommunication companies, were degrading and leaching into soil and groundwater, posing a significant public health risk. Following publication of these articles, analysts downgraded Verizon and other telecommunication company stocks. Verizon’s stock price fell $2.55 per share, or 7.5%, to close at $31.46 per share on July 17, 2023. Then, on July 26, 2023, the Wall Street Journal published an article reporting that “[t]he Justice Department and Environmental Protection Agency are investigating the potential health and environmental risks stemming from a sprawling network of toxic lead-sheathed telecom cables across the U.S.”
On this news, Verizon’s stock price fell $0.79 per share, or 2.3%, to close at $33.55 per share on July 27, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980