Investors who purchased or acquired common stock of Lumen Technologies may be eligible to participate in a shareholder class action lawsuit. The lawsuit alleges that Lumen Technologies violated the Securities Exchange Act of 1934 by making materially false and misleading statements throughout the Class Period. The plaintiff alleges that Lumen was experiencing serious headwinds that were impeding its ability to grow its newly-targeted fiber markets. Defendants had made statements touting the rate of investment and progress in expanding fiber services to SMB and residential markets. However, the company was not progressing as represented to the investing public, and Lumen’s management had placed a hold on plans to quickly scale up the Quantum Fiber brand. Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, is representing the plaintiffs in this lawsuit. The firm has recovered over $3.5 billion for its clients since 1993 and has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times. The deadline to move the court to serve as lead plaintiff is May 2, 2023.
If you lost money on investments in Lumen Technologies, Inc., you may be eligible to participate in a shareholder class action lawsuit. The lawsuit, which was filed in the United States District Court for the Western District of Louisiana, alleges that Lumen Technologies violated the Securities Exchange Act of 1934. The deadline to file a lead plaintiff motion is approaching, and investors who purchased or acquired Lumen’s common stock between September 14, 2020 and February 7, 2023, are encouraged to contact Bernstein Liebhard LLP.
Formerly known as CenturyLink, Lumen Technologies is a technology and communications company that recently redefined its business by renaming itself and refining its marketing approach. The company aimed to cut off market segments and operations that did not align with its strategic objectives while adding market segments that were aligned with its vision. Specifically, Lumen announced plans to expand its fiber services to small and medium business and residential or consumer markets, branded as Quantum Fiber. Lumen represented to investors that expanding its fiber services into these markets represented a strong opportunity for growth.
Throughout the Class Period, Defendants made various representations to investors regarding Lumen’s investments in its consumer fiber business and aggressive market share expansion in its small business segment. Defendants also represented that Lumen was expanding its Quantum Fiber footprint and increasing its penetration, and that the company had a long runway for growth. However, investors who lost money may have a valid claim against the company. If you believe you may be eligible to participate in the lawsuit, you are encouraged to visit the Lumen Technologies, Inc. Shareholder Class Action Lawsuit website or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
Investors who purchased or acquired common stock of Lumen Technologies may be eligible to participate in a shareholder class action lawsuit. The lawsuit alleges that Lumen Technologies violated the Securities Exchange Act of 1934 by making materially false and misleading statements throughout the Class Period. The plaintiff alleges that Lumen was experiencing serious headwinds that were impeding its ability to grow its newly-targeted fiber markets. Defendants had made statements touting the rate of investment and progress in expanding fiber services to SMB and residential markets. However, the company was not progressing as represented to the investing public, and Lumen’s management had placed a hold on plans to quickly scale up the Quantum Fiber brand. As a result, the scaling up of Quantum Fiber would not occur until at least the end of 2023.
On November 2, 2022, Lumen’s Chief Executive Officer admitted that the company was not yet at the pace of build expected or wanted with respect to the development of its Quantum Fiber brand. Finally, on February 7, 2023, Defendants admitted that they had pressed “more of a stop button than a pause button” on Lumen’s investment into the Quantum Fiber network and expansion into the SMB and residential markets while the Company re-evaluated its strategic priorities. This news caused Lumen’s stock price to fall $1.04 per share to close at $3.95 per share on February 8, 2023.
If you purchased or acquired Lumen common stock and would like to discuss your legal rights and options, you may visit the Lumen Technologies, Inc. Shareholder Class Action Lawsuit website or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com. The deadline to move the court to serve as lead plaintiff is May 2, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you choose not to take action, you may remain an absent class member.
Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, has recovered over $3.5 billion for its clients since 1993. The firm has represented individual investors and some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. The firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years. The law firm is responsible for the advertisement, and contact information can be found on their website.
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