Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Lumen Technologies, Inc. (“Lumen” or the “Company”) (NYSE: LUMN) securities between March 11, 2019 and July 14, 2023, inclusive (the “Class Period”). Lumen investors have until November 14, 2023 to file a lead plaintiff motion.
If you suffered a loss on your Lumen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Lumen-Technologies-Inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at email@example.com to learn more about your rights.
On July 9, 2023, the Wall Street Journal reported that over 2,000 lead-covered cables used by various telecommunication companies were degrading and leaching into soil and groundwater, posing a significant public health risk. On this news, Lumen’s stock price fell $0.13, or 5.9%, to close at $2.06 per share on July 10, 2023, thereby injuring investors.
Then, on July 11, 2023, the Wall Street Journal published another article reporting that “[l]awmakers are demanding that telecom firms act to ensure that Americans are safe after [an] investigation revealed that phone companies have left behind a network of cables covered in toxic lead, tainting water and soil in some locations.” Another article was published the following day detailing Lumen’s ownership of lead-covered cables previously owned by Ma Bell, as well as evidence suggesting that Lumen’s workers still face exposure to lead. On this news, Lumen’s stock price fell $0.03, or 1.5%, to close at $2.04 per share on July 12, 2023.
Then, on July 14, 2023, in a report published by Seeking Alpha, a J.P. Morgan analyst stated that Lumen likely has “exposure to potential copper [cable] lead sheathing liability.” On this news, Lumen’s stock price fell $0.21, or 10.2%, to close at $1.85 per share on July 14, 2023.
Also on July 14, 2023, after the market closed, the Wall Street Journal published an article regarding Lumen’s exposure to liabilities related to its lead-sheathed cables, stating that, after AT&T, Verizon and Lumen would have the most lead-covered cables to remove. On this news, Lumen’s stock price fell $0.15, or 8.1%, to close at $1.70 per share on July 17, 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) Lumen owned and/or still owns thousands of miles of cables wrapped in lead, a known neurotoxin, within the U.S.; (2) 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; (3) 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; (4) 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 (4) 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 or otherwise acquired Lumen securities during the Class Period, you may move the Court no later than November 14, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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