Verizon Communications Inc. Class Action Lawsuit - VZ
Case Summary
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The Verizon class action lawsuit seeks to represent purchasers or acquirers of publicly traded Verizon Communications, Inc. (NYSE: VZ) securities between October 30, 2018 and July 26, 2023, inclusive (the “Class Period”). The Verizon class action lawsuit charges Verizon and certain of its top current and former executive officers with violations of the Securities Exchange Act of 1934. The first-filed complaint is captioned Meehan v. Verizon Communications, Inc., No. 23-cv-01375 (W.D. Pa.). A subsequently filed case is captioned General Retirement System of the City of Detroit v. Verizon Communications, Inc., No. 23-cv-05218 (D.N.J.).
If you suffered substantial losses and wish to serve as lead plaintiff of the Verizon class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the Verizon class action lawsuit must be filed with the court no later than October 2, 2023.
CASE ALLEGATIONS: Verizon purports to be “one of the world’s leading providers of communications, technology, information and entertainment products and services to consumers, business and government entities.”
The Verizon class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Verizon owns telecommunications cables around the country that are highly toxic due to their being wrapped in lead, and which harm Verizon employees and non-employees alike; (ii) Verizon faces potentially significant litigation risk, regulatory risk, and reputational harm as a result of its ownership of these lead-covered cables and the health risks stemming from their presence around the United States; and (iii) Verizon was warned about the damage and risks presented by these cables but did not disclose them as a potential threat to employee safety or to everyday people and communities.
On July 9, 2023, The Wall Street Journal released an article titled “America is Wrapped in Miles of Toxic Lead Cables” which detailed how “[t]elecom companies laid them (toxic lead cables) decades ago and thousands were left behind, posing a hidden health hazard today.” The article further detailed how Verizon and other telecommunications companies “have known about the lead-covered cables and the potential risks of exposure to their workers” and that “lead was potentially leaching into the environment.” On this news, the price of Verizon stock declined.
Then, on July 14, 2023, The Wall Street Journal published an article titled “‘I was Really Sick, and I Didn’t Know From What,’” which detailed, among other things, health problems suffered by current and former Verizon employees as a result of their exposure to objects covered in lead. On this news, the price of Verizon stock further declined.
Thereafter, on July 17, 2023, The Wall Street Journal published articles titled “Environmental Groups Ask EPA to Shield Public From Abandoned Lead Cables” and “Telecom Stocks Extend Losses After WSJ Toxic Lead Investigation” that further detailed the fallout from The Wall Street Journal’s July 9 article, including how Verizon and other telecommunications companies had come under scrutiny from the U.S. Environmental Protection Agency and U.S. Federal Communications Commission. On this news, the price of Verizon stock declined more than 7%.
Finally, on July 26, 2023, The Wall Street Journal published an article titled “Justice Department and EPA Probe Telecom Companies Over Lead Cables” that detailed further regulatory scrutiny focused on Verizon and other telecommunications companies, including from federal agencies as well as state and local governments. On this news, the price of Verizon stock declined, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired publicly traded Verizon securities during the Class Period to seek appointment as lead plaintiff of the Verizon class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Verizon class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Verizon class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Verizon class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.