WarnerMedia Parent AT&T Sued By SEC For Alleged Violation Of Fair Disclosure Reg In Conversations With Wall Street Analysts

deadline.com:

WarnerMedia parent AT&T has been sued by the Securities and Exchange Commission for alleged violations of a regulation known as Reg FD that requires so-called fair disclosure of financial information.The SEC civil suit against the telecom giant and three of its investor relations executives claims they selectively disclosed material nonpublic information to a group of Wall Street analysts in 2016 after the company realized its first quarter revenue would fall short of estimates following a steeper than expected dip in smartphone sales.AT&T called the allegations “meritless” and said, “We look forward to having our day in court.”The complaint alleges that three AT&T investor relations executives made private, one-on-one calls to analysts at