NEW YORK, March 21, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer, LLP reminds investors that a complaint has been filed on behalf of investors who purchased or otherwise acquired the common stock of Lumen Technologies, Inc. f/k/a CenturyLink (“Lumen” or the “Company”) (NYSE: LUMN) between September 14, 2020 and February 7, 2023, inclusive (the “Class Period”).
If you acquired Lumen common stock during the Class Period and would like to discuss this case, please click here. Or, you may contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than May 2, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
Lumen is a technology and communications company. According to the complaint, Lumen announced to investors that it would leverage its existing 400,000 route miles of fiber optic cable, which had previously serviced enterprise and wholesale markets, to expand its fiber services to small and medium business (“SMB”) and residential or consumer markets.
However, as alleged in the complaint, contrary to Defendants' statements touting the rate of investment and progress in expanding fiber services to SMB and residential markets, Lumen was experiencing serious issues that were impeding its ability to grow its newly targeted fiber markets.
The truth is alleged to have emerged through a series of disclosures, starting on February 9, 2022, when Defendants allegedly began to admit that the Company's expansion into SMB residential fiber services markets was occurring slower than previously represented. Following 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 admitted, “we are not yet at the pace of build we expect or want” with respect to Lumen's development of its Quantum Fiber brand. Following this news, Lumen's stock price declined $1.25 per share, or 17.73%, to a close at $5.80 per share on November 3, 2022.
Finally, on February 7, 2023, the Defendants allegedly admitted that they had pressed “more of a stop button than a pause button” on Lumen's investment into the Quantum Fiber network and expansion into the SMB and residential markets while the company re-evaluated its strategic priorities. Following this news, Lumen's stock price declined $1.04, or 20.84%, to close at of $3.95 per share on February 8, 2023.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
