Levi & Korsinsky, LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Lumen Technologies, Inc. (NYSE: LUMN) securities.
If you suffered a loss on your Lumen investment and would like to explore a potential recovery under the federal securities laws, submit to us or contact Joseph E. Levi, Esq. via email at [email protected] or call 212-363-7500 to speak to our team of experienced shareholder advocates.
THE LAWSUIT: Sep 14 2020 - Feb 07 2023
CASE DETAILS: The filed complaint alleges that Lumen Technologies, Inc. made materially false and/or misleading statements and/or failed to disclose that:
(i) various headwinds were impeding the Company’s ability to invest in and grow its Quantum Fiber brand; (ii) Lumen’s Quantum Fiber business was not progressing as was represented to the investing public; (iii) Lumen’s management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and (iv) 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.
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