Lumen Technologies Inc. f/k/a CenturyLink, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Western District of Louisiana on behalf of those who acquired Lumen Technologies Inc. f/k/a CenturyLink, Inc. (“Lumen” or the “Company”) (NYSE: LUMN) securities during the period from March 11, 2019 through July 14, 2023, inclusive (the “Class Period”). Investors have until November 14, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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 this news, the price of Lumen shares declined by $0.13 per share, or approximately 5.94%, from $2.19 per share to close at $2.06 on July 10, 2023.
On July 11, 2023, the WSJ published another 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’s ownership of lead-covered cables previously owned by Ma Bell, as well as evidence suggesting that Lumen’s workers still faced exposure to lead in the modern era. On this news, the price of Lumen shares declined by $0.03 per share, or approximately 1.45%, from $2.07 per share to close at $2.04 on July 12, 2023.
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.” On this news, the price of Lumen shares declined by $0.21 per share, or approximately 10.19%, from $2.06 per share to close at $1.85 on July 14, 2023. Also on July 14, 2023, during post-market hours, the WSJ published an article citing various analyst and market concerns related to, inter alia, Lumen’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 would have the most lead-covered cables to remove. On this news, the price of Lumen shares declined by $0.15 per share, or approximately 8.11%, from $1.85 per share to close at $1.70 on July 17, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Lumen owned and/or still owns thousands of miles of cables wrapped in lead, a known neurotoxin, within the United States; (ii) 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; (iii) 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; and (iv) 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.
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 this news, the price of Lumen shares declined by $0.13 per share, or approximately 5.94%, from $2.19 per share to close at $2.06 on July 10, 2023.
On July 11, 2023, the WSJ published another 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’s ownership of lead-covered cables previously owned by Ma Bell, as well as evidence suggesting that Lumen’s workers still faced exposure to lead in the modern era. On this news, the price of Lumen shares declined by $0.03 per share, or approximately 1.45%, from $2.07 per share to close at $2.04 on July 12, 2023.
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.” On this news, the price of Lumen shares declined by $0.21 per share, or approximately 10.19%, from $2.06 per share to close at $1.85 on July 14, 2023. Also on July 14, 2023, during post-market hours, the WSJ published an article citing various analyst and market concerns related to, inter alia, Lumen’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 would have the most lead-covered cables to remove. On this news, the price of Lumen shares declined by $0.15 per share, or approximately 8.11%, from $1.85 per share to close at $1.70 on July 17, 2023.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose that: (i) Lumen owned and/or still owns thousands of miles of cables wrapped in lead, a known neurotoxin, within the United States; (ii) 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; (iii) 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; and (iv) 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.