Lumen Technologies, Inc. Class Action Lawsuit - LUMN
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The Lumen class action lawsuit seeks to represent purchasers or acquirers of Lumen Technologies, Inc. (NYSE: LUMN) common stock between September 14, 2020 and February 7, 2023, inclusive (the “Class Period”). Captioned Voigt v. Lumen Technologies, Inc., No. 23-cv-00286 (W.D. La.), the Lumen class action lawsuit charges Lumen and certain of Lumen’s current and former top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Lumen class action lawsuit, please provide your information in the form on this page. You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at firstname.lastname@example.org. Lead plaintiff motions for the Lumen class action lawsuit must be filed with the court no later than May 2, 2023.
CASE ALLEGATIONS: Lumen purports to be an international facilities-based technology and communications company.
The Lumen class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) various headwinds were impeding Lumen’s ability to invest in and grow its Quantum Fiber brand; (ii) Quantum Fiber was not progressing as was represented to the 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, Lumen’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.
On February 9, 2022, Lumen revealed the negative effects of stressed supply chains on Lumen’s operations and confirmed that those supply chain obstacles negatively impacted operations regarding Quantum Fiber. On this news, Lumen’s stock price declined more than 15%.
Then, on November 2, 2022, Lumen revealed further delays in the Quantum Fiber build, acknowledging that Quantum Fiber was “not yet where we want to be” and that Lumen has “much more to do.” Lumen further revealed that it “slowed some of [its] [digital] transformation[s]” while undertaking a series of divestiture transactions. On this news, Lumen’s stock price declined nearly 18%.
Finally, on February 7, 2023, Lumen revealed that work on Quantum Fiber had hit the “stop button” and acknowledged that its “location and subscriber results were impacted by the [Quantum Fiber] pause we had in place.” On this news, Lumen’s stock price declined nearly 21%, further damaging investors.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Lumen common stock during the Class Period to seek appointment as lead plaintiff of the Lumen class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Lumen class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Lumen class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Lumen class action lawsuit.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.