Invested in
Frontier Communications?
Attention Frontier Communications (“Frontier”) investors: contact investor lawyers for a free evaluation of your potential claims for compensation today.
- Are you a long-term shareholder of Frontier Communications (Nasdaq: FYBR, traded as FTR prior to May 2021) and do you still hold your Frontier shares?
- Are you concerned about the recent Frontier share price drop following The Wall Street Journal’s investigative reporting regarding potentially hazardous and toxic lead covered cables left behind by telecom companies including Frontier?
- Are you concerned about the conduct of Frontier’s officers and directors, and the company’s corporate controls, risk mitigation, and compliance practices related to its alleged failure to remove old lead cables despite allegedly known potential risks?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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The Frontier Communications Class Action Investigation page is the resource for long-term shareholders of Frontier Communications who would like to evaluate compensation claims.
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Posted July 21, 2023
Frontier Communications Investigation Related to Alleged Failure to Remove Lead Covered Cables
Securities attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner have been investigating potential securities violations and corporate misconduct, as well as questionable business practices involving Frontier Communications following the company’s alleged failure to remove toxic lead sheathed cables under its ownership or control. The Rosca Scarlato investor rights lawyers have identified potential areas of concern for Frontier investors following the significant stock price drop in the wake of the revelations in the recent Wall Street Journal (“WSJ” or “the Journal”) investigatory report.
What Frontier Communications Investors May Do
ATT investors interested in an evaluation of their potential options to seek compensation and/or pursue claims related to their Frontier Communications investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in Frontier Communications Parent, Inc.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned FYBR stock investors may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
Has Frontier Communications Been Accused of Misconduct Related to Its Lead Cables?
In early July 2023, The Wall Street Journal published a series of investigative reports uncovering a vast network of lead-sheathed cables, many abandoned, reportedly owned by several telecom companies, including Frontier Communications, which reportedly owns cable networks acquired from legacy Bell companies. The reports suggest that the telecom carriers, including Frontier Communications, seemingly ignored potential health risks and environmental hazards for the surrounding communities where the lead-covered cables are located.
According to the WSJ, the telecom companies were reportedly aware of the potential risks of exposure to their employees, as well as the risk of lead potentially leaking into the surrounding environment and communities, but allegedly failed to act in any meaningful way to monitor the cables or remove the hazard.
The Journal’s inquiry included insights from a former U.S. Environmental Protection Agency (“EPA”) official who commented on the widespread presence of these cables, making it challenging to locate them in many instances. They are “buried everywhere” and “you’re not even going to know where it is in a lot of places,” the official reportedly stated.
The investigation unveiled over 1,750 underwater lead cables and 250 aerial lead cables, many situated in densely populated areas including schools and bus stops. The actual number of lead-covered cables across the country is expected to be higher, the Journal reported. Experts, in collaboration with The Wall Street Journal, found that lead contamination levels were notably elevated directly beneath or near these cables.
Why Did Frontier Communications’ Stock Price Drop?
On July 17, 2023, WSJ reported that Frontier’s stock price fell 15% to $12.15. According to Investor’s Business Daily, the FYBR stock along with three other telecom carriers lost a combined $18 billion in market value the week before, with the share price for FYBR seeing an especially sharp decline.
While the stock price has seen some recovery since then, WSJ reports FYBR still trades under the July 7 closing price as of the date of this blog.
Quotes by investment analysts indicated that the main concern was the unknown cost of cleaning the areas exposed to the lead-covered cables. Some reportedly estimated the costs could reach tens of billions of dollars.
Citigroup analyst Michael Rollins reportedly downgraded Frontier along with another major telecom carrier stock. Rollins reportedly emphasized that the matter is likely to cast a shadow over the telco stocks and valuation for a minimum of a few months, and possibly extend even further.
According to MoffettNathanson analyst Craig Moffett, there is a possibility that telecom stocks might face challenges in the foreseeable future.
Moreover, Reuters reported that JPMorgan analysts have extensively discussed the copper lead sheathing situation with various industry contacts but have been unable to determine a reasonable approach for calculating potential liability.
Goldman Sachs financial analyst Brett Feldman reportedly stated that major wireline telcos may encounter extended timelines and higher costs when decommissioning legacy networks that rely on copper cables with lead sheathing.
TD Cowen analyst Gregory Williams reportedly informed clients that his firm anticipates a protracted process involving self-auditing, political disputes, and potential class action lawsuits and attorney general lawsuits.
Finally, Raymond James’s Frank Louthan pointed out that the resolution timeline remains uncertain, possibly spanning decades, with other Environmental Protection Agency actions like the Lead Copper Rule offering a potential reference point.
As a result of the alleged questionable handling of their lead cable networks, certain telecom carriers such as Frontier Communications are currently exposed to an increased risk of litigation, those analysts noted. Such exposure brings into question Frontier Communications’ risk and compliance and corporate controls and the conduct of Frontier Communications’ senior officers and directors.
Do Frontier Communications Shareholders Have Claims Following Frontier Communications Stock Price Drop?
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and evaluating potential claims for compensation and/or other redress on behalf of Frontier Communications long-term shareholders whose share value dropped following WSJ’s reporting on Frontier Communications’ lead cable issues. The Rosca Scarlato attorneys have decades of combined experience representing victims of corporate or financial misconduct.
If you are a Frontier Communications investor concerned about the drop in the value of your investment, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Frontier Communications investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Frontier Communications Class Action Investigation page is not affiliated with Frontier Communications Parent, Inc. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
Recent Investigations
DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
