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Verizon Communications (NYSE:VZ): Closing price $51.01

An independent telecommunications attorney has filed a petition with the Federal Communications Commission alleging that Verizon Wireless grossly understated the amount it collected from false data charges on customer bills when the company said that it would refund the levies in 2010. Attorney Arthur V. Belendiuk of Washington said in a petition for investigation that Verizon and FCC documents obtained through a Freedom of Information request contained evidence that indicated that Verizon might have taken some $240 million or more from the false charges, which more quadruples the nearly $53 million it agreed to refund. Verizon spokesman Torod B. Neptune called the allegations without merit and would not comment further.

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