SEC suing AT&T for telling analysts nonpublic information
The Securities and Exchange Commission is suing AT&T and three of its investor relations executives for telling Wall Street analysts about the telecom giant’s sales data before it released quarterly results.
The early warning helped AT&T avoid having its results fall short of Wall Street expectations, according to the SEC’s complaint filed in Manhattan federal court.
The U.S. financial regulator said Friday that in March 2016, AT&T was worried that a steeper-than-expected decline in smartphone sales would make it miss Wall Street estimates for its first quarter.
Companies that report results that fall short of analyst forecasts can suffer a sell-off in their shares.
AT&T’s chief financial officer told the investor relations department to “work” the analysts who had estimates for the company’s quarterly equipment revenue that were too high, according to the government’s complaint.
AT&T investor relations executives Christopher Womack, Michael Black and Kent Evans called Wall Street analysts at about 20 firms privately to tell them about internal smartphone sales data and the impact that would have on its revenue metrics, which the government said is nonpublic, “material” information told in violation of securities laws.
Analysts subsequently cut their revenue forecasts because of what they were told on the calls before AT&T reported its first-quarter results in April 2016, according to the complaint, and AT&T’s revenue beat the Wall Street consensus for the quarter.
Dallas-based AT&T said in a statement that it did not tell analysts “material nonpublic information” and that it will fight the lawsuit. The company said it has “made clear that the declining phone sales had no material impact on its earnings.” (AP)
BERLIN, March 6, (AP): Judges at the Berlin Film Festival announced Friday that the satirical movie ‘Bad Luck Banging or Loony Porn’ by Romanian director Radu Jude has been awarded this year’s top prize, saying it has the “rare and essential quality of a lasting art work.”
The film about a teacher facing scrutiny over a sex tape “captures on screen the very content and essence, the mind and body, the values and the raw flesh of our present moment in time,” the Berlinale jury said as it awarded the film its Golden Bear.
The Silver Bear for best leading performance went to German actress Maren Eggert who plays a scientist exploring life and longing with a handsome humanoid robot in ‘I’m Your Man.’
“Her presence made us curious. Her charm made us empathic. And her palette of performing qualities allowed us to feel, laugh and ask questions,” the jury said in a statement. It is the first time that the Berlin Film Festival has awarded a single award for best acting regardless of gender.
Denes Nagy of Hungary received the award for best director for his debut ‘Natural Light,’ following a Hungarian unit hunting partisans in the Soviet Union during World War II.
The jury said Nagy showed “masterful control of every aspect of the craft of filmmaking, a narration that transcends its historical context.”
“A portrait of war in which the observant gaze of the director reminds us again of the need to choose between passivity and taking individual responsibility,” the judges said.
The festival was staged online this year due to the pandemic, but a public event and a physical awards ceremony are planned for June.
Meanwhile, “The United States vs. Billie Holiday,” “Minari,” “Da 5 Bloods” and “One Night in Miami” are among the films AARP is honoring at its annual Movies for Grownups Awards, the nonprofit organization said Thursday.
Director Lee Daniels’ “The United States vs. Billie Holiday,” starring Andra Day as the jazz singer, was named best picture, while the Korean American family drama “Minari” got best intergenerational film. Spike Lee’s Vietnam-themed “Da 5 Bloods” picked up best buddy picture and Regina King’s “One Night in Miami...,” about the fictional meeting of Malcolm X, Sam Cooke, Cassius Clay and Jim Brown, got best ensemble.
Performances
“We focus on films made by and for grownups,” said Tim Appelo, the film and television critic for AARP. “When we started this a couple of decades ago, it was hard to find first movies about people of our age. I’m very pleased to see that we’ve got a bumper crop of movies and performances to choose from this year.”
George Clooney is being honored this year with the career achievement award. The 59-year-old both directed and acted in his most recent film, “The Midnight Sky.”
“He’s the Cary Grant of our day, but he’s also a fast-rising director,” Appelo said. “He’s perfect because he’s just a slam dunk argument against ageism.”
Jodie Foster too is singled out for her supporting performance in “The Mauritanian,” for which she also won the Golden Globe this week. Appelo said that the 58-year-old has said that she’s glad to be her age and is looking forward to playing characters in their 60s and beyond.
“That’s a big theme of ours, that life opens up after you turn 50,” Appelo said.
Aaron Sorkin is a double honoree for writing and directing “The Trial of the Chicago 7.” The top acting awards went to Sophia Loren, for “The Life Ahead,” and Anthony Hopkins, for “The Father.”
“The Trial of the Chicago 7” and “The United States vs. Billie Holiday” are two films Appelo said are particularly significant because of their historical value to a 50-plus audience. He also noted that this year included several important and nuanced depictions of Alzheimer’s, including in “The Father” and in “Supernova,” with Colin Firth and Stanley Tucci, which was named best grownup love story.
For the first time the organization is also recognizing television shows and performances. Catherine O’Hara took best actress for “Schitt’s Creek,” Mark Ruffalo got best actor for “I Know This Much is True” and “This Is Us” was named best series. Netflix’s “The Queen’s Gambit” got best limited series.