Pomerantz LLP is currently conducting an investigation into claims made by investors of Verizon Communications Inc. (“Verizon” or the “Company”) VZ. The investigation is focused on whether Verizon, as well as certain officers and/or directors, have been involved in securities fraud or other unlawful business practices.
The investigation follows a series of articles published by the Wall Street Journal between July 9 and July 14, 2023. These articles revealed that over 2,000 abandoned lead cables, previously used by Verizon and other telecommunication companies, were degrading and leaching into soil and groundwater, posing a significant risk to public health. As a result of these articles, analysts downgraded Verizon and other telecommunication stocks, leading to a 7.5% decrease in Verizon’s stock price on July 17, 2023.
Further exacerbating the situation, on July 26, 2023, the Wall Street Journal reported that the Justice Department and Environmental Protection Agency are investigating the potential health and environmental risks associated with toxic lead-sheathed telecom cables across the United States. This development caused Verizon’s stock price to fall an additional 2.3% on July 27, 2023.
Pomerantz LLP, a reputable law firm with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, specializes in corporate, securities, and antitrust class litigation. The firm was founded by Abraham L. Pomerantz, a renowned figure in the field of securities class actions. Pomerantz LLP continues his legacy by advocating for the rights of those affected by securities fraud, breaches of fiduciary duty, and corporate misconduct. The firm has successfully obtained multimillion-dollar damages awards for class members.
For more information about the ongoing investigation into Verizon Communications Inc., please visit the website of Pomerantz LLP.