3 Telecom Stocks Seeing Action: New York Sues Sprint, AT&T’s Latest Boardroom Toy, and T-Mobile’s Rumored Lumia Release
Sprint Nextel Corp. (NYSE:S): It seems that in all the merger and acquisition excitement, the third-largest wireless carrier in the U.S. forgot — or failed — to collect and pay sales tax on cellular plans. As a result, the company is being sued for $300 million by New York Attorney General Eric Schneiderman after a New York Supreme Court judge denied the carrier’s motion to dismiss the case. Judge Peter Sherwood wrote that the complaint “satisfactorily alleges that Sprint knowingly submitted false monthly tax statements.” The estimated toll on the state government stands at about $100 million.
AT&T Inc. (NYSE:T): AT&T is pioneering a service that will translate speech in real time over the company’s teleconferencing system, and is currently submitting it for tests with some of the company’s biggest business clients. Aptly named AT&T Translator, “the technology is a product of more than two decades of research at AT&T in speech recognition, speech synthesis, and natural language processing,” said Mazin Gilbert, assistant vice president for technical research at AT&T Labs Research. The program will cover English, French, Italian, German, Spanish, Chinese, Japanese, and Korean, and will include other languages over time.
T-Mobile (NYSE:TMUS): For T-Mobile customers eager to get their hands on the new Nokia Lumia 925, the absence of a release date has been rather frustrating, since the phone was announced for the carrier last month. Rumors are saying the release date for the phone will be July 17, though T-Mobile has yet to confirm when it will be rolling out the device. The company has already sent press invites for an event on July 10 as the carrier unveils its “boldest moves yet.”
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