NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against purchasers CenturyLink, Inc. (“CenturyLink” or the “Company”) (NYSE: CTL) and its directors, on behalf of shareholders who purchased CenturyLink securities between May 10, 2018 and March 4, 2019, inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/ctl.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that defendants made false and misleading statements and failed to disclose that: (1) CenturyLink did not reveal material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities in connection with its Level 3 Communications, Inc. acquisition; (2) as a result, CenturyLink would delay the filing of its 4th quarter Form 10-K for the fiscal year 2018 despite initially reporting those financial results in a press release dated February 13, 2019; and (3) consequently, CenturyLink’s public statements were materially false and misleading at all relevant times.
On March 4, 2019, CenturyLink revealed that it had “identified material weaknesses in internal controls over the Company’s revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with the Level 3 Communications, Inc.” Consequently, it would not be able to file its annual report for the period ended December 31, 2018 on time. Following this news, CenturyLink stock dropped $0.82 per share, or over 6%, to close at $12.15 per share on March 4, 2019.
If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/ctl or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in CenturyLink you have until May 6, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com