SEC Sues AT&T over Selective Disclosure of Material Information to Wall Street Analysts

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The company also noted that the Commission spent four years investigating that matter but it failed to cite a single witness involved in those analysts’ calls who believes that material nonpublic information was disclosed to them.

AT&T added, “The SEC’s pursuit of this matter will not protect investors and instead will only serve to chill productive communications between companies and analysts, something the SEC was worried about when it adopted Regulation FD some 20 years ago. Unfortunately, this case will only create a climate of uncertainty among public companies and the analysts who cover them.”

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