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SEC suing AT&T for telling analysts nonpublic information
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SEC suing AT&T for telling analysts nonpublic information
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SEC suing AT&T for telling analysts nonpublic information
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US SEC charges AT&T, executives with leaking information to analysts
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FILE PHOTO: The company logo for AT&T is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., September 18, 2019. REUTERS/Brendan McDermid
WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission on Friday sued AT&T Inc and three executives for allegedly disclosing nonpublic information to research analysts to avoid falling short of quarterly expectations in 2016.
AT&T allegedly learned in March 2016 that a steeper-than-expected decline in first quarter smartphone sales would leave the company falling short of analysts’ estimates, so the phone company’s chief financial officer directed investor relations employees to “work the analysts” to get them to lower their estimates, the SEC said in a court filing.