The Securities and Exchange Commission has sued AT&T and three AT&T executives, saying the wireless carrier leaked nonpublic data about falling phone sales to analysts in order to convince the analysts to change their revenue forecasts. This scheme helped AT&T “beat” analysts’ revenue forecasts in the first quarter of 2016, the SEC said.
The complaint, filed Friday in US District Court for the Southern District of New York, alleges that AT&T repeatedly violated the Securities Exchange Act and the SEC’s Regulation FD (for “fair disclosure”) in March and April of 2016.
