INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Lumen Technologies, Inc. (LUMN) Investors
Law Offices of Howard G. Smith announced that a class action lawsuit has been filed on behalf of investors who purchased 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.
Investors suffering losses on their Lumen investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
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 the 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.
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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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