In a 129-page decision, U.S. District Judge Paul Engelmayer in Manhattan said he found “formidable” evidence that AT&T and three investor relations executives improperly warned analysts in March and April 2016 that lower-than-expected smartphone sales would cut into overall revenue.
The SEC said this violated Regulation FD, or fair disclosure, which it adopted in 2000 to bar companies from disclosing material nonpublic information privately but not to the public, helping level the playing field for investors.
If you can’t win, cheat!
Big bonuses for cheaters, but honest people get laid off!!!