3rd Verizon Lead-Cable Securities Suit Targets CEO, ex-CFO, 11 Board Members

A third securities fraud complaint against Verizon in less than three months was filed Thursday (docket 3:23-cv-21123) in U.S. District Court for New Jersey in Trenton, with plaintiff Andrew Jankowski alleging the company duped shareholders when it failed to disclose “material adverse facts” that Verizon owns cables around the U.S. that are highly toxic due to being wrapped in lead. Verizon faces “potentially significant litigation risk,” plus 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 U.S., alleged Jankowski’s complaint. Verizon “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,” it said. Jankowski’s suit names CEO Hans Vestberg and former Chief Financial Officer Matt Ellis, plus 11 Verizon board members, as defendants. Previous lawsuits over Verizon’s lead-wrapped cables were filed July 28 (see 2308020046) and Aug. 18 (see 2308200001).