Twersky Law Group, a highly regarded and reputable law firm based in New York, wishes to inform investors about a significant development in the form of a class action lawsuit against Verizon Communications, Inc. (“Verizon” or “the Company”) (NASDAQ: VZ) and certain officers of the company. This lawsuit has been filed on behalf of all individuals and entities that purchased or otherwise acquired Verizon securities from February 4, 2020, through July 26, 2023 (the “Class Period”). Investors who acquired Verizon securities during this defined timeframe are strongly encouraged to participate in this case by contacting atara@twerskylawgroup.com. The deadline to file a motion for appointment of lead plaintiff is October 2, 2023.
The fundamental objective of this class action lawsuit is to recover for the benefit of investors who purchased Verizon securities during the Class Period, the losses they sustained as a consequence of the misleading statements made by Defendants in violation of the federal securities laws.
ALLEGATIONS AGAINST VERIZON COMMUNICATIONS, INC.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose, among other things, that: (1) Verizon owns cables around the country that are highly toxic due to being wrapped in lead, and which harm Company employees and non-employees alike; (2) it faces potentially significant litigation risk, regulatory risk, and reputational harm as a result of its ownership of these lead cables and the health risks stemming from their presence around the United States; (3) it was warned about the damages and risks presented by these cables but did not disclose that they posed a threat to employee safety, to everyday people, and communities around the country; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
ABOUT VERIZON COMMUNICATIONS, INC.
What does Verizon Communications, Inc. do?
- Verizon Communications Inc. is a multinational telecommunications conglomerate headquartered in New York City, United States. The company provides a wide range of communication services, including wireless, internet, TV, and landline services to both consumers and businesses. They are known for their extensive wireless network, but they also offer broadband and fiber-optic internet services, as well as digital TV services.
Who founded Verizon Communications, Inc.?
- Verizon Communications Inc. was not founded by a single individual. It was formed through a series of mergers and acquisitions involving several different companies. One of the key mergers that led to the creation of Verizon Communications was the merger between Bell Atlantic and GTE in 2000. Bell Atlantic was one of the “Baby Bells” created after the breakup of the original AT&T monopoly, and GTE was a telecommunications company with a strong presence in the West Coast.
- The merger of Bell Atlantic and GTE resulted in the formation of Verizon Communications Inc., which then became one of the largest telecommunications companies in the United States. The company’s name “Verizon” is a combination of the Latin word “veritas,” meaning truth, and the word “horizon,” suggesting a commitment to openness and the future.
Are Verizon Communications and Verizon Wireless the same company?
- Verizon Communications and Verizon Wireless are related entities but not exactly the same company. Verizon Communications is the parent company that owns and operates various subsidiaries, including Verizon Wireless. Verizon Wireless is a subsidiary of Verizon Communications and primarily focuses on wireless communication services, including mobile phone services and mobile data.
Is Bell Atlantic now Verizon?
- Yes, Bell Atlantic is now part of Verizon. Bell Atlantic and GTE (General Telephone & Electronics Corporation) merged in 2000 to form Verizon Communications. This merger allowed the company to expand its reach and services significantly.
JOIN THIS CASE
It is important to note that a class action lawsuit has already been filed in connection with these allegations. Therefore, for those individuals who suffered financial losses in their investments in Verizon during the Class Period, there is a limited opportunity to seek appointment as a lead plaintiff. This process entails requesting the Court to designate them as the primary representative on behalf of the entire class. The deadline for submitting such a request is October 2, 2023. It is important to emphasize that while becoming a lead plaintiff can offer certain advantages, participation in the recovery process and the potential for financial compensation does not mandate serving as a lead plaintiff.
Twersky Law Group, a distinguished legal firm renowned for its attorneys expertise in handling securities fraud class actions and shareholder derivative suits, who have a long-standing track record of successfully recovering significant sums of money for investors nationwide. With an unwavering commitment to seeking justice for their clients, the firm’s attorneys are resolute in pursuing fair compensation on behalf of those affected by alleged securities law violations. As with any legal matter, it is essential to understand that this announcement constitutes attorney advertising. Past case outcomes and results achieved do not guarantee similar outcomes in this particular case.
Investors who believe they may qualify as potential class members in the class action lawsuit against Verizon are strongly encouraged to reach out directly to the firm for further information and assistance. The knowledgeable legal professionals at Twersky Law Group stand ready to provide guidance and support to investors seeking to protect their rights and pursue the recovery they deserve.
ABOUT US
For more information as well as to join this case please contact Atara Twersky, Esq. at atara@twerskylawgroup.com. Atara is Principal at Twersky Law Group and of counsel at AF&T Law Firm where she is director of Investor Services. Atara focuses her practice on assisting her clients with increasing their investment portfolio recoveries and ensuring that their portfolios remain healthy and robust. For more information on shareholder recoveries, listen to Atara ’s Pension and Investments Podcast with notable guests in the pension fund Industry that discusses various matters relating to investment portfolios. For more information on Atara and her legal work pertaining to shareholder protection click here.
