AT&T and three of its executives have been charged by the SEC with selectively giving some Wall Street analysts access to nonpublic information without sharing it widely. The SEC said that internal documents showed that data was generally considered material to investors and cannot be selectively disclosed under the Fair Disclosure Regulation (Regulation FD). That regulation says that material information must be shared publicly when shared with certain market professionals and analysts to promote a level playing field.The SEC alleged in a new complaint Friday that in March 2016, AT&T learned that its revenue would fall short of analyst estimates due to a larger than expected dip in first quarter smartphone sales. To avoid appearing to fall well below expectations, the SEC alleged, AT&T Investor Relations executives Christopher Womack, Michael Black and Kent Evans called analysts at about 20 firms disclosing the internal sales data and how it would impact revenue.
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