https://www.prnewswire.com/news-releases/lumn-investor-alert-levi--korsinsky-llp-reminds-investors-of-an-investigation-involving-possible-securities-fraud-violations-by-certain-current-and-former-officers-of-lumen-technologies-inc-301759908.html
8 replies (most recent on top)
They paid out all the money in dividends instead of investing it in the company. Now there is financial problems and the culprit is gone. Same same same.
This is Joe Nacchio all over again. He cooked the books by telling the investors that Qwest had a billion dollar contract. Then the next quarter meeting he said we had another billion dollar contract. He was repeating the same contract to make it look like Qwest was raking in money. No different than CenturyLink saying fiber is being placed over 100%, when we only placed 20%. Why can't they just tell the truth and work with an honest outcome?
This isn't a securities fraud investigation. These are ambulance chasers trying to get a payoff.
I’ve heard so many stories about this company! I still want a double cheeseburger with heavy pickle! I’m an investor and ex employee! Yes man?
You better start looking over orders instead of commenting on this page, which frankly, you haven’t earned!
This is definitely spelling the end of Lumen/Centurylink/QuantumFiber. The ship is sinking fast! Better find a life boat if you’re still on the ship.
OK Jeff....
Shareholders whining, they can't get their profits soon enough. Weh! Weh!
Excerpt from:
https://www.businesswire.com/news/home/20230303005346/en/Shareholder-Alert-Robbins-LLP-Informs-Investors-of-Class-Action-Against-Lumen-Technologies-Inc.-LUMN-fka-CenturyLink-Inc.
According to the complaint, during the class period, defendants represented that Lumen was, among other things, “investing heavily in our consumer fiber business” and “aggressively taking market share in our small business segment.” Defendants also represented that “we continue expanding our Quantum Fiber footprint and increasing our penetration” and “we're not capital-constrained. So as we continue to improve our penetration and performance, we'll continue to expand our footprint, and we believe we've got a long runway for growth in -- within Lumen in Quantum Fiber.”
However, Lumen was experiencing serious headwinds that were impeding its ability to grow its newly-targeted fiber markets. Defendants failed to disclose that: (i) various headwinds were impeding the Company’s ability to invest in and grow its Quantum Fiber brand; (ii) Quantum Fiber 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.
Beginning on February 9, 2022, defendants began to admit that Lumen's expansion into small and medium business ("SMB") and residential fiber services was occurring slower than previously represented. On this news, Lumen’s stock price declined $1.99, from a close of $12.82 per share on February 9, 2022, to a close of $10.83 on February 10, 2022.
On November 2, 2022, Lumen’s Chief Executive Officer admitted, “let me be clear, we are not yet at the pace of build we expect or want” with respect to the Company’s development of its Quantum Fiber brand. On this news, Lumen’s stock price declined $1.25, from a close of $7.05 per share on November 2, 2022, to a close of $5.80 on November 3, 2022.
Finally, on February 7, 2023, defendants admitted they had pressed “more of a stop button than a pause button” on Lumen’s investment into the Quantum Fiber network and expansion into the SMB and residential markets while the Company re-evaluated its strategic priorities. On this news, Lumen’s stock price declined $1.04, from a close of $4.99 per share on February 7, 2023, to a close of $3.95 on February 8, 2023.