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Kessler Topaz Meltzer & Check, LLP: Investor Class Action Filed Against CenturyLink, Inc. for Securities Fraud Violations

 Notice is hereby given that a class action lawsuit has been filed on behalf of those who purchased or otherwise acquired CenturyLink, Inc. (“CenturyLink”) (NYSE: CTL) publicly traded securities from May 10, 2018 through March 4, 2019, both dates inclusive (the “Class Period”). 

CenturyLink investors may receive additional information about the case by clicking the link "Submit Your Information" above.

According to the complaint, CenturyLink provides various communications services to residential, business, wholesale, and governmental customers primarily in the United States.  On November 1, 2017, CenturyLink acquired Level 3 Communications, Inc., a telecommunications and internet service provider.

The Class Period commences on May 10, 2018, when CenturyLink filed its Form 10-Q for the quarter ended March 31, 2018 with the SEC, which provided its first quarter financial results and position.  On February 13, 2019, CenturyLink issued a press release reporting its fourth quarter and full year 2018 results.

The complaint alleges that, on March 4, 2019, CenturyLink announced it would not be able to timely file its annual report for the period ended December 31, 2018 because it had “identified material weaknesses in internal controls over [its] revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with the Level 3 Communications, Inc. acquisition.”

Following this news, shares of CenturyLink fell $0.82 per share, or over 6%, to close at $12.15 per share on March 4, 2019.

The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) CenturyLink had undisclosed material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications, Inc. acquisition; (2) consequently, CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite initially reporting those financial results in a press release dated February 13, 2019; and (3) as a result, CenturyLink’s public statements were materially false and misleading at all relevant times.

If you are a member of the class described above, you may no later than May 6, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.


A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.

Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter.  If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.

CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com

Please complete this form relating to your transactions for CenturyLink, Inc. (NYSE: CTL) shares between May 10, 2018 and March 4, 2019, both dates inclusive (the “Class Period”).

You may also contact James Maro, Jr., Esq. or Adrienne Bell, Esq. at 610.667.7706 or toll free at 888.299.7706, or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

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# of Shares
Price per Share
 
 
 
Principal Amount
Amount Paid
Series or CUSIP
 
 
 
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of CenturyLink, Inc. (2019) prior to the Class Period?
Are you a current or former employee of CenturyLink, Inc. (2019)?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
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