Lumen Technologies, Inc. (LUMN)
Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Lumen Technologies, Inc. (“Lumen” or “the Company”) (NYSE: LUMN) and certain of its officers, on behalf of all persons and entities that purchased or otherwise acquired Lumen securities between September 14, 2020, and February 7, 2023, (the “Class Period”). Such investors are encouraged to join this case.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that the 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: (1) various headwinds were impeding the Company’s ability to invest in and grow its Quantum Fiber brand; (2) Quantum Fiber was not progressing as was represented to the investing public; (3) 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 (4) 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.
A class action lawsuit has already been filed. You can review a copy of the Complaint or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Lumen, you have until May 2, 2023, 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 represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.