A lawsuit was filed on behalf of investors in Lumen Technologies, Inc. (NYSE:LUMN) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/03/2023 -- An investor, who purchased shares of Lumen Technologies, Inc. (NYSE: LUMN), filed a lawsuit in the over alleged violations of Federal Securities Laws by Lumen Technologies, Inc. f/k/a CenturyLink, Inc.in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Lumen Technologies, Inc. (NYSE: LUMN) have certain options and for certain investors are short and strict deadlines running. Deadline: November 14, 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. Lumen Technologies, Inc operates, inter alia, a copper cable network for certain of its telecommunications services. The Company was formerly known as "CenturyLink, Inc." and changed its name to "Lumen Technologies, Inc." in September 2020.
Lumen Technologies, Inc is a member of USTelecom, a broadband association that represents companies in the industry. Lumen Technologies, Inc is also one of multiple telecommunications companies that inherited the Bell Telephone Company's (a/k/a "Ma Bell" or the "Bell System") telecom cables in the decades following the breakup of the Bell System's telecommunications monopoly in 1984.
On July 9, 2023, the Wall Street Journal ("WSJ") published an article reporting that more than 2,000 lead-covered cables previously used by Ma Bell and, subsequently, by various successor telecommunication companies, were degrading and leaching into soil and groundwater, posing a significant public health risk.
On July 11, 2023, the WSJ published an article reporting that "[l]awmakers are demanding that telecom firms act to ensure that Americans are safe after [the WSJ's] investigation revealed that phone companies have left behind a network of cables covered in toxic lead, tainting water and soil in some locations". The article also cited legislators' and regulators' intentions to scrutinize lead cables owned by USTelecom members and to hold those members accountable.
On July 12, 2023, the WSJ published another article that detailed, inter alia, Lumen Technologies, Inc.'s ownership of lead-covered cables previously owned by Ma Bell, as well as evidence suggesting that Lumen Technologies, Inc.'s workers still faced exposure to lead in the modern era.
On July 14, 2023, Seeking Alpha reported that a J.P. Morgan analyst had concluded that "Lumen. . . likely . . . ha[s] 'exposure' to potential copper [cable] lead sheathing liability."
Also on July 14, 2023, during post-market hours, the WSJ published article citing various analyst and market concerns related to, inter alia, Lumen Technologies, Inc.'s exposure to enormous liabilities related to its lead-sheathed cables. In particular, the article noted that, after AT&T Inc., Verizon Communications Inc. and Lumen Technologies, Inc. would have the most lead-covered cables to remove.
Shares of Lumen Technologies, Inc. (NYSE: LUMN) declined from over $6 per share in early 2023 to as low as $1.61 per share on July 18, 2023, respectively NYSE: LUMN .
On August 1, 2023, on a quarterly earnings call, Lumen Technologies, Inc.'s executive management addressed the recent reporting on the Company's exposure to liability related to lead-sheathed cables, disclosing that, by Lumen's own estimation, not more than 35,000 miles of its copper network could contain lead. In a response to an analyst's inquiry regarding whether Defendants "had any discussions around remediation" for the lead-sheathed cable issue, Company management noted that Lumen had spent considerable time determining how much lead was in the Company's telecom system and could not estimate potential remediation costs.
The plaintiff claims that between March 11, 2019 and July 14, 2023, the Defendants made false and/or misleading statements and/or failed to disclose that Lumen owned and/or still owns thousands of miles of cables wrapped in lead, a known neurotoxin, within the United States, that the foregoing has harmed and posed the risk of further harming the environment, exposed Company employees, and the general public, thereby posing a significant public health risk and environmental pollution risk, that Lumen was on notice about the damage and risks presented by these lead-covered cables but did not disclose them as a potential threat to everyday people and communities, as well as failed to provide adequate lead training to employees, that all the foregoing subjected the Company to a heightened risk of governmental and regulatory oversight and enforcement action, as well as legal and reputational harm, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
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.