Glancy Prongay & Murray LLP Announces the Filing of a Securities Class Action on Behalf of AT&T Inc. Investors
LOS ANGELES--(BUSINESS WIRE)--Apr 4, 2019--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of AT&T Inc. (“AT&T” or the “Company”) (NYSE: T ) investors who: (a) acquired AT&T common stock pursuant or traceable to the SEC Form S-4 registration statement and prospectus issued in connection with the company’s June 2018 acquisition of and merger with Time Warner (the “Acquisition”); and/or (b) purchased or otherwise acquired AT&T securities between October 22, 2016 and October 24, 2018, inclusive (the “Class Period”). AT&T investors have until May 31, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to email@example.com, or visit our website at www.glancylaw.com.
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 to former shareholders of Time Warner 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. On this news, shares of AT&T fell 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, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) AT&T had substantially increased prices, while at the same time discontinuing promotional discounts for its DirecTV Now service; (2) as a result, DirecTV Now subscribers were leaving ( i.e., not renewing) as soon as their promotional discount periods expired, while at the same time new potential DirecTV Now customers were unwilling to pay the higher prices and therefore not subscribing at all; (3) by the time of the Acquisition, AT&T’s reported “Net Additions” growth trend was already reversing into a severe “Net Loss”; and (4) as a result of the foregoing, Defendants’ positive statements about AT&T’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
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If you purchased shares of AT&T during the Class Period you may move the Court no later than May 31, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190404005623/en/
CONTACT: Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Glancy Prongay & Murray LLP
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PUB: 04/04/2019 12:18 PM/DISC: 04/04/2019 12:18 PM