TRENTON, N.J. (Legal Newsline) — The General Retirement System of the City of Detroit is claiming Verizon misled investors regarding its cables that contain lead and the risks to the environment and the company's employees.
General Retirement System of the City of Detroit filed a complaint Aug. 18 in the U.S. District Court for the District of New Jersey against Verizon Communications Inc., Hans Vestberg and Matthew Ellis alleging violations of federal securities laws.
The plaintiff alleges in its class action that the defendants failed to disclose that the company was responsible for "an extensive network of lead cables" that were previously laid around the country. It claims the cables are causing harm and posing risk to the environment, its employees and the surrounding communities.
The plaintiff alleges that Verizon misrepresented its efforts to upgrade the network and protect its employees, safeguard the communities where it operated and correct any environmental harms. It specifically claims that the defendant's 2018 Annual Report contained false statements and that the "legacy copper" cables abandoned by the company were covered in lead, a known neurotoxin.
It also claims in the 2020 Annual Report, the defendant made false claims about worker safety when it did not adequately warn or care for employees who were exposed to the dangerous levels of toxic cables.
The plaintiffs and the class seek monetary relief, interest, trial by jury and all other just relief. They are represented by Lawrence Levit, Jack Fruchter, Mitchell Twerksy and Atara Twerksy of Abraham, Fruchter & Twersky LLP in New York City and Michael Vanoverbeke of Vanoverbeke, Michaud & Timmony PC in Detroit.
U.S. District Court for the District of New Jersey case number 3:23-CV-05218-RK-RLS