LONDON, UK / ACCESSWIRE / September 26, 2016 / Active Wall St. blog coverage looks at the headline from AT&T, Inc. (NYSE: T). The U.S. Federal Communications Commission (FCC)'s Enforcement Bureau announced on September 23, 2016 that AT&T (NYSE: T) had agreed to a settlement of the investigations that it had conducted with regards to the company's wireless operations. AT&T has agreed to pay FCC a settlement amount of $ 450,000 to resolve the matter. Register with us now for your free membership and blog access at: http://www.activewallst.com/register/.
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Terms of settlement
As a part of the settlement, AT&T has agreed to comply with the terms set by FCC and also assured that it would not repeat this behaviour in future. It would conduct timely reviews of wireless fixed microwave stations acquired in future transactions to ensure license compliance. AT&T has also agreed to file periodic progress reports on its compliance efforts and correct any noncompliance discovered during the review process within 60 days of discovery.
Commenting on the settlement, Travis LeBlanc, Chief of the FCC's Enforcement Bureau said:
"We expect every person or company that receives a license from the Commission will operate within the parameters of that authorization. Any licensee who operates outside those parameters threatens the integrity of communications networks, increases the risk of harmful interference, and breaks the law."
The FCC probe
The US FCC had started its investigation of AT&T in 2012 and had reported its findings in 2014. FCC's investigation had discovered that AT&T operated numerous common carrier fixed point-to-point microwave stations throughout the US which was not in accordance to the terms of the licence awarded to it. AT&T had acquired the fixed microwave licences between 2009–2012 and had not been able to review these licences in a careful manner. The licences were being operated by AT&T subsidiaries, New Cingular Wireless PCS, LLC and AT&T Mobility Puerto Rico, Inc. The investigation found that operations of many of the licences were inconsistent with the licensed parameters and the constructed facilities. AT&T had been operating these unauthorised stations for nearly three and half to four years.
Due to the inconsistencies discovered FCC had undertaken the investigation of over 250 stations operated by AT&T to find out the degree of unauthorised operations. FCC issued a Notice of Apparently Liability for Forfeiture to AT&T for the violations in January 2015, which the company has accepted and agreed to settle the matter by paying a fine.
What are common carrier fixed point-to-point microwave stations?
Common carrier fixed point-to-point microwave stations are wireless connections used by phone companies to connect directly between towers. They are mostly used to connect calls and relay television signals directly to towers in areas where signals cannot be transmitted using standard wireline or fibre-optic cable because of cost or terrain.
This is not the first time that AT&T has agreed to pay a fine to FCC. In August 2016, AT&T had agreed to pay $7.75 million in refunds and a fine to settle a FCC investigation that looked into complaints that the company allowed third party scammers to charge customers approximately $9 per month for a sham directory assistance service. The scam was discovered when the U.S. Drug Enforcement Administration was investigating drug related crimes and money laundering related to two companies.
Stock Performance
Last Friday, the stock closed the trading session at $41.28, slightly up 0.41% from its previous closing price of $41.11. A total volume of 18.87 million shares have exchanged hands, which was higher than the 3-month average volume of 21.25 million shares. AT&T's stock price advanced 1.00% in the last month, 8.16% in the past six months, and 35.37% in the previous twelve months. Furthermore, on a year to date basis, the stock rallied 24.54%. Shares of the company traded at a PE ratio of 17.82 and have a dividend yield of 4.65%.
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