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Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed on Behalf of Lumen Technologies, Inc. (LUMN) Investors and Encourages Investors to Contact the Firm Before May 2, 2023

By: via Business Wire

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. (“Lumen” or the “Company”) (NYSE: LUMN) securities during the period from September 14, 2020 through February 7, 2023 (the “Class Period”). Investors have until May 2, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Lumen provides digital solutions for home and business premises, and offers communications, network security, cloud solutions, voice, and managed services.

On February 9, 2022, during a conference call to discuss the Company’s financial and operating results for the fourth fiscal quarter and full year ended December 31, 2021, Lumen’s CEO, Defendant Jeff K. Storey revealed the negative effects of stressed supply chains on Lumen’s operations. During that same conference call, Defendant Storey confirmed that those supply chain obstacles negatively impacted operations regarding Quantum Fiber in response to analyst questioning. On this news, the price of Lumen shares declined by $1.99 per share, or approximately 15.52%, from $12.82 per share to close at $10.83 on February 10, 2022.

On November 2, 2022, during a conference call to discuss the Company’s financial and operating results for the third fiscal quarter and nine months ended September 30, 2022, Lumen’s CEO, Defendant Storey, further revealed delays in the Quantum Fiber build. Lumen’s CFO, Defendant Christopher D. Stansbury, also admitted that “we slowed some of our [digital] transformation efforts” while undertaking a series of divestiture transactions. On this news, the price of Lumen shares declined by $1.25 per share, or approximately 17.73%, from $7.05 per share to close at $5.80 on November 3, 2022.

On February 7, 2023, during a conference call to discuss the Company’s financial and operating results for the fiscal quarter and full year ended December 31, 2022, Lumen’s new CEO, Kathleen Johnson stated in relevant part: “Second, let's talk about our Quantum pacing. As we've said previously, we hit the pause button during the fourth quarter. Now to be frank, it was more of a stop button than a pause button, which impacted our Quantum metrics for the quarter.” On this news, the price of Lumen shares declined by $1.04 per share, or approximately 20.84%, from $4.99 per share to close at $3.95 on February 8, 2023.

The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as 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.

If you purchased or otherwise acquired Lumen securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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