Case Background:
This is a federal securities fraud class action lawsuit on behalf of those who purchased or otherwise acquired Lumen Technologies, Inc. f/k/a CenturyLink, Inc. (“Lumen”) (NYSE: LUMN, CTL) common stock between September 14, 2020 and February 7, 2023, inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) various headwinds were impeding Lumen’s ability to invest in and grow its Quantum Fiber brand; (2) Lumen's Quantum Fiber business was not progressing as was represented to the investing public; (3) Lumen's management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and (4) as a result of Lumen's decision to delay expansion of Quantum Fiber, the company's results and metrics were negatively impacted and the scaling up of Quantum Fiber would not occur until, at the earliest, the end of 2023.
Current Status of Case:
On September 30, 2024, the Court granted Defendants Motion to Dismiss all claims. Plaintiffs filed a Notice of Appeal to the Fifth Circuit Court of Appeals on November 29, 2024, and on December 20, 2024, the Appeal was dismissed. This action has concluded.
If you wish to discuss this action or have any questions, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; 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.
ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:
Kessler Topaz Meltzer & Check, LLP (KTMC) is a leading U.S. plaintiff-side law firm focused on securities-fraud class actions and global investor protection. The firm represents individual investors as well as institutions, such as major pension funds, asset managers, and international investors. KTMC has led some of the largest recoveries in securities litigation and has been recognized by peers and the legal media with numerous accolades, including The National Law Journal’s Plaintiff’s Hot List and Trailblazers in Plaintiffs' Law, BTI Consulting Group’s Honor Roll of Most Feared Law Firms, The Legal Intelligencer’s Class Action Firm of the Year, Lawdragon’s Leading Plaintiff Financial Lawyers, and Law360’s Titans of the Plaintiffs Bar. The firm operates globally with offices in Pennsylvania and California. KTMC has recovered over $25 billion for our clients and the classes they represent.