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. On December 20, 2024, the Appeal was dismissed. This action has concluded.
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: Jonathan Naji, Esq. (484) 270-1453 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.