NEW YORK, April 14, 2023 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Lumen Technologies, Inc. (NYSE: LUMN) ("Lumen" or the "Company") for violations of the federal securities laws on behalf of investors who purchased or otherwise acquired Lumen securities between September 14, 2020 to February 7, 2023, both dates inclusive (the "Class Period").
On March 3, 2023, a complaint was filed against the Company and certain of its officers alleging that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) various headwinds were impeding the Company's ability to invest in and grow its Quantum Fiber brand; (ii) Lumen's Quantum Fiber business was not progressing as was represented to the investing public; (iii) 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 (iv) as a result of Lumen's decision to delay 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 (v) as a result, the Company's public statements were materially false and misleading at all relevant times.
When investors learned the truth, Lumen's common stock declined precipitously, injuring investors.
If you suffered a loss of more than $100,000 in Lumen's securities, and wish to participate, or learn more, please contact our attorneys at (914) 733-7234 or via email at firstname.lastname@example.org. You can also read more about the investigation here.
Any investor who wishes to serve as Lead Plaintiff must act before May 2, 2023.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Lowey Dannenberg P.C.
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Tel: (914) 733-7234
SOURCE: Lowey Dannenberg P.C.