NEW YORK, April 16, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Lumen Technologies, Inc. f/k/a CenturyLink (“Lumen” or the “Company”) (NYSE: LUMN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Lumen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 9, 2023, Lumen acknowledged that the Company’s expansion into the small and medium business (“SMB”) and residential fiber services markets was occurring slower than previously represented.
On this news, Lumen’s stock price fell $1.99 per share, or 15.52%, to close at $10.83 per share on February 10, 2022.
Then, on November 2, 2022, Lumen’s Chief Executive Officer acknowledged that the Company was “not yet at the pace of build we expect or want” with respect to the development of its Quantum Fiber brand. On this news, Lumen’s stock price fell $1.25 per share, or 17.73%, to close at $5.80 per share on November 3, 2022. Finally, on February 7, 2023, Lumen accepted that the Company has pressed “more of a stop button than a pause button” on Lumen’s investment in its Quantum Fiber network and expansion into the SMB and residential markets while the Company reevaluated its priorities.
On this news, Lumen’s stock price fell $1.04 per share, or 20.84%, to close at $3.95 per share on February 8, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is recognized as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980