A lawsuit was filed on behalf of investors in Centurylink Inc (NYSE:CTL) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 08/07/2017 -- An investor, who purchased shares of Centurylink Inc (NYSE:CTL), filed a lawsuit over alleged violations of Federal Securities Laws by Centurylink in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Centurylink Inc (NYSE:CTL) should contact the Shareholders Foundation at firstname.lastname@example.org or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Centurylink Inc (NYSE:CTL) common shares between February 27, 2014 and June 15, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2014 and June 15, 2017, the Defendants made false and/or misleading statements and/or failed to disclose that CenturyLink's policies allowed its employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers, that accordingly, the Company's revenues were the product of illicit conduct and unsustainable, that the foregoing illicit conduct was likely to subject CenturyLink to heightened regulatory scrutiny, and that as a result of the foregoing, CenturyLink's public statements were materially false and misleading at all relevant times.
Monroe, LA based CenturyLink, Inc. is an integrated communications company that is engaged in providing an array of communications services to its residential and business customers. Centurylink Inc reported that its annual Total Revenue declined from over $17.9 billion in 2015 to over $17.47 billion in 2016 and that its Net Income decreased from $878 million in 2015 to $626 million in 2016.
On June 16, 2017, an article was published entitled "CenturyLink Is Accused of Running a Wells Fargo-Like Scheme," stating that a "former CenturyLink Inc. employee claims she was fired for blowing the whistle on the telecommunications company's high-pressure sales culture that left customers paying millions of dollars for accounts they didn't request." The article states that "she was fired days after notifying Chief Executive Officer Glen Post of the alleged scheme during a companywide question-and-answer session held on an internal message board."
Those who purchased shares of Centurylink Inc (NYSE:CTL) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego