|Company Name||AT&T Inc.|
|Stock Symbol||July 11, 2020|
In June 2018, in connection with its acquisition of Time Warner Inc. (“Time Warner”), AT&T issued approximately 1.185 billion new shares of AT&T common stock to former shareholders of Time Warner common stock. The Registration Statement issued in connection with the stock issuance touted yearly and quarterly growth trends in AT&T’s Entertainment Group segment, particularly Video Entertainment, including quarterly subscriber gains in its DirecTV Now service sufficient to offset any decrease in traditional satellite DirecTV subscribers, such that AT&T was purportedly experiencing an ongoing trend of total video subscriber “Net Additions.”
It subsequently became clear that AT&T had substantially increased prices while discontinuing promotional discounts for its DirecTV Now service and was consequently losing subscribers. On this news, shares of AT&T fell as low as $27.36 per share, a decline of nearly 16% from the $32.52 price per share on the exchange date for the acquisition, thereby injuring investors.
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