by Abbe L. Dienstag, Alan Friedman, Dani James, Darren LaVerne,
Todd E. Lenson, Michael Martinez, Thomas E. Molner, Gary P Naftalis,
Jordan M. Rosenbaum, Steven Sparling, Jenna Burch-Smith, and
Kathleen Telfer

On Dec. 5, the Securities and Exchange Commission (SEC) announced that
AT&T has agreed to a $6.25 million penalty, resolving charges brought
against it under the securities rule known as Regulation Fair
Disclosure (Regulation FD), the largest Regulation FD penalty exacted
to date. Three midlevel executives from the company’s Investor
Relations department will also each pay $25,000 to settle charges that
they “aided and abetted” AT&T’s violations. As part of the settlement, the company and the executives neither admit nor deny the
allegations. The case is also notable for producing one of the only
judicial decisions to apply Regulation FD in adversarial litigation
since its publication over 20 years ago. Judge Paul Engelmayer’s
September opinion denying cross-motions for summary judgment is likely
to become the “textbook case” on this scarcely litigated regulation.

https://www.mondaq.com/article/news/1264166?q=1803232&n=649&tp=9&tlk=2&lk=45

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