The company provided instruction on how to comply with Regulation FD, which prohibits the sharing of material, non-public information, but some IR specialists still allegedly flouted the law.
By Robert Freedman Published Dec. 16, 2022
When the Securities and Exchange Commission in early December fined AT&T $6.25 million and separately fined three of its executives for disclosing material, non-public information to analysts, the agency said the executives knew the law but broke it anyway.
“As members of AT&T’s IR Department, [Christopher] Womack, [Kent] Evans, and [Michael] Black received periodic training on Regulation FD and were familiar with its proscriptions against the selective disclosure of material nonpublic information,” the SEC said in its complaint. Yet they “knew or recklessly disregarded” what they knew.
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