A U.S. judge on Thursday rejected AT&T Inc’s bid to dismiss an unusual Securities and Exchange Commission lawsuit accusing the phone company of selectively leaking financial information to Wall Street analysts.
In a 129-page decision, U.S. District Judge Paul Engelmayer in Manhattan said he found “formidable” evidence that AT&T and three investor relations executives improperly warned analysts in March and April 2016 that lower-than-expected smartphone sales would cut into overall revenue.
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“This case will now proceed toward trial, barring settlement,” Engelmayer wrote.
Source: U.S. judge rejects AT&T bid to dismiss SEC lawsuit over leaks to analysts | Reuters
