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SEC Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts to Talk Down Estimates


Dodd-Frank.com
SEC Charges AT&T and Three Executives with Selectively Providing Information to Wall Street Analysts to Talk Down Estimates
By
March 6, 2021
On March 5, 2021, the Securities and Exchange Commission charged AT&T, Inc. with repeatedly violating Regulation FD, and three of its Investor Relations executives with aiding and abetting AT&T’s violations, by selectively disclosing material nonpublic information to research analysts.
The enforcement action demonstrates how efforts to talk down analyst estimates can potentially violate Regulation FD.
According to the SEC’s complaint, in March and April of 2016, Defendant AT&T, aided and abetted by Defendants Womack, Evans, and Black, executives in its Investor Relations Department, repeatedly violated Regulation FD.  Regulation FD is a Commission rule that prohibits selective disclosures by issuers of material nonpublic information to securities analysts and others.  The core Regulation FD vi ....

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