A securities class action has been filed in the USDC – W.D. LA. against Lumen Technologies, Inc. (LUMN) on behalf of all persons or entities who purchased or otherwise acquired Lumen common stock between September 14, 2020 through February 7, 2023.

The Complaint alleges that throughout the Class Period, Defendants made statements that were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations, and prospects, which were known to Defendants or recklessly disregarded by them. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that:

• various headwinds were impeding the Company’s ability to invest in and grow its Quantum Fiber brand;
• Quantum Fiber was not progressing as was represented to the investing public;
• the Company’s management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and
• as a result of the Company’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.

After a series of partially corrected disclosure, Lumen’s stock price closed at $3.95 on February 8, 2023.

If you purchased Lumen Technologies securities during the Class Period and would like to receive more information or join the action, please enter your contact information below and click “Submit Your Information”

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