NEW YORK-A law firm said it was continuing a class-action lawsuit against AT&T Wireless Services Inc. on behalf of AT&T’s shareholders, alleging the company failed to disclose ongoing business problems.
Wechsler Harwood Halebian & Feffer L.L.P. said the lawsuit was filed in the U.S. District Court for the South District of New York. The lawsuit alleges AT&T Wireless issued a registration statement and prospectus for tracking stock. The statement failed to outline business problems and caused large corporate customers to be neglected and poorly served, which resulted in a downturn in revenue and poor business prospects.
The lawsuit covers shareholders between April 26 and May 2, 2000.
The class-action lawsuit follows a similar one filed against Lucent Technologies Inc., alleging the company misrepresented its fourth-quarter expectations. The company retracted its expectations after it discovered an error in its books.
