Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against AT&T Inc.
LOS ANGELES, May 16, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 31, 2019 deadline to file a lead plaintiff motion in the class action 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”).
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.
Follow us for updates on Twitter: twitter.com/GPM_LLP.
If you purchased or otherwise acquired AT&T securities during the Class Period you may move the Court no later than May 31, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.