AT&T is contesting the SEC’s allegations. In a public statement, the company disputes the SEC’s claim that the information conveyed to the analysts constituted material nonpublic information and contends that the action, brought five years after the alleged violation, “represents a significant departure from the SEC’s own long-standing Regulation FD enforcement policy.”
The company’s decision to oppose the action may result in a fuller exposition of the circumstances that led to the charges. The enforcement position reflected in the SEC’s complaint, however, merits careful attention now by companies and the officials authorized to act on their behalf in disclosures subject to Regulation FD.
You can view the SEC’s complaint here and AT&T’s public statement here.
Authored by Alan Dye (co-editor), Richard Parrino (co-editor), John Beckman, and Ann Kim