A lawsuit was filed on behalf of investors in Lumen Technologies, Inc. (NYSE:LUMN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/13/2023 -- An investor, who purchased NYSE: LUMN shares, filed a lawsuit against Lumen Technologies, Inc. over alleged violations of Federal Securities Laws.
Investors who purchased shares of Lumen Technologies, Inc. (NYSE: LUMN) have certain options and for certain investors are short and strict deadlines running. Deadline: May 2, 2023. NYSE: LUMN investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Monroe, LA based Lumen Technologies, Inc., a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United States and internationally.
On February 9, 2022, Lumen Technologies, Inc revealed the negative effects of stressed supply chains on its operations and confirmed that those supply chain obstacles negatively impacted operations regarding Quantum Fiber.
Then, on November 2, 2022, Lumen Technologies, Inc revealed further delays in the Quantum Fiber build, acknowledging that Quantum Fiber was "not yet where we want to be" and that Lumen has "much more to do." Lumen Technologies, Inc further revealed that it "slowed some of [its] [digital] transformation[s]" while undertaking a series of divestiture transactions.
On February 7, 2023, Lumen Technologies announced results for the fourth quarter ended December 31, 2022, including that free cash flow was $126 million in the fourth quarter 2022, compared to $776 million in the fourth quarter 2021. Lumen Technologies, Inc revealed that work on Quantum Fiber had hit the "stop button" and acknowledged that its "location and subscriber results were impacted by the [Quantum Fiber] pause we had in place." Lumen Technologies also announced the Company expected to generate between $0 million and $200 million in free cash flow for the full year 2023. Additionally, the Company disclosed that in the fourth quarter of 2022 the company recorded an aggregate $3.271 billion non-cash goodwill impairment, primarily in its North America business reporting unit.
Shares of Lumen Technologies, Inc. (NYSE: LUMN) declined from $15.45 per share on June 09, 2021, to as low as $2.64 per share on March 10, 2023.
The plaintiff alleges on behalf of purchasers of Lumen Technologies, Inc. (NYSE: LUMN) common shares between September 14, 2020 and February 7, 2023, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between September 14, 2020 and February 7, 2023, the defendants made false and/or misleading statements and/or failed to disclose that various headwinds were impeding Lumen's ability to invest in and grow its Quantum Fiber brand, that Quantum Fiber was not progressing as was represented to the public, that 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 that as a result of Lumen's decision to delay expansion of Quantum Fiber, Lumen'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.
Those who purchased shares of Lumen Technologies, Inc. (NYSE: LUMN) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.