The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Lumen Technologies, Inc. (“Lumen” or the “Company”) (NYSE: LUMN) common stock between September 14, 2020 and February 7, 2023, inclusive (the “Class Period”). Lumen investors have until May 2, 2023 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On February 9, 2022, during the Company’s fourth quarter 2021 conference call, Lumen claimed that stressed supply chains had a negative effect on the Company’s operations, including operations related to Quantum Fiber. On this news, Lumen’s stock price fell $1.99, or 15.5%, to close at $10.83 per share on February 10, 2022, thereby injuring investors.
Then, on November 2, 2022, during the Company’s third quarter 2022 conference call, Lumen disclosed Quantum Fiber build delays, expressing that it was “not yet where [the Company] want[s] it to be” and that it has “much more to do.” On this news, Lumen’s stock price fell $1.25, or 17.7%, to close at $5.80 per share on November 3, 2022.
Then, on February 7, 2023, on a conference call to discuss the Company’s full year 2022 financial results, Lumen admitted that it had pressed “more of a stop button than a pause button” regarding the Quantum Fiber network while it reevaluated its strategic priorities. On this news, Lumen’s stock price fell $1.04, or 20.8%, to close at $3.95 per share on February 8, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) various headwinds were impeding the Company's ability to invest in and grow its Quantum Fiber brand; (2) Lumen's Quantum Fiber business was not progressing as was represented to the investing public; (3) Lumen's management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; (4) as a result of Lumen'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; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Lumen common stock during the Class Period, you may move the Court no later than May 2, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Lumen common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Lumen Technologies, Inc. (LUMN) Investors
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007