NEW YORK, June 29, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of CenturyLink, Inc. (NYSE:CTL) ("CenturyLink" or the "Company") securities between March 1, 2013 and June 19, 2017, inclusive (the "Class Period").
Investors who have incurred losses in CenturyLink, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.
If you have purchased CenturyLink, Inc. securities, you may, no later than August 21, 2017, request that the Court appoint you lead plaintiff of the proposed class.
CenturyLink provides various communications services to residential, business, wholesale, and governmental customers in the United States. The Company offers broadband, Ethernet, colocation, video entertainment and satellite digital television services.
The Complaint alleges that throughout the Class Period, the Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, the Defendants are alleged to have made false and misleading statements and/or failed to disclose that:
- CenturyLink's policies allowed its employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers;
- accordingly, the Company's revenues were the product of illicit conduct and unsustainable;
- the foregoing illicit conduct was likely to subject CenturyLink to heightened regulatory scrutiny; and
- as a result of the foregoing, CenturyLink's public statements were materially false and misleading at all relevant times.
On June 16, 2017, Bloomberg published an article entitled, "CenturyLink Is Accused of Running a Wells Fargo-Like Scheme" which revealed that a lawsuit had been filed by former CenturyLink employee Heidi Heiser ("Heiser"). The article reported that Heiser had been "fired for blowing the whistle on the telecommunications company's high-pressure sales culture that left customers paying millions of dollars for accounts they didn't request," and that Heiser "was fired days after notifying Chief Executive Officer Glen Post of the alleged scheme during a companywide question-and-answer session held on an internal message board."
Following this news, CenturyLink's share price fell $1.23, or 4.56%, to close at $25.72 on June 16, 2017.
On June 19, 2017, Bloomberg reported that a consumer complaint was filed against CenturyLink based on the whistle blower complaint alleging claims of fraud, unfair competition, and unjust enrichment.
On this news, the Company's stock price fell an additional $0.36 per share to close at $25.36 per share on June 19, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
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