On June 10, 2019, Pomerantz LLP was appointed Lead Counsel in a securities class action law suit filed against CenturyLink, Inc..
Pomerantz LLP announces that a class action lawsuit has been filed against CenturyLink, Inc. (“CenturyLink” or the “Company”) (NYSE: CTL) and certain of its officers and directors. The class action, filed in United States District Court, Southern District of New York, and indexed under 19-cv-01802, is on behalf of a class consisting of all persons and entities, other than Defendants and their affiliates, who purchased or otherwise acquired the publicly traded securities of CenturyLink between May 10, 2018 and March 4, 2019, both dates inclusive (the “Class Period”). Plaintiff seeks to recover compensable damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased CenturyLink securities during the class period, you have until May 6, 2019 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
CenturyLink purports to provide various communications services to residential, business, wholesale, and governmental customers primarily in the United States.
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) CenturyLink had undisclosed material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications, Inc. acquisition; (ii) consequently, CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite initially reporting those financial results in a press release dated February 13, 2019; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On March 4, 2019, the Company announced it would not be able to timely file its annual report for the period ended December 31, 2018 because it had “identified material weaknesses in internal controls over the Company’s revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with the Level 3 Communications, Inc.”
On this news, CenturyLink’s stock price fell $0.82 per share, or over 6%, to close at $12.15 per share on March 4, 2019.