Lumen Technologies, Inc. (NYSE: LUMN)

This lawsuit is for anyone who acquired securities in Lumen Technologies, Inc. (NYSE: LUMN) from September 14, 2020 through February 7, 2023.

The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely inform investors that the Company was experiencing various headwinds that were impeding the Company’s ability to invest in and grow its Quantum Fiber brand.

On February 9, 2022, during a fourth quarter 2021 conference call, Lumen revealed that stressed supply chains had had a negative effect on the Company’s operations, including operations regarding Quantum Fiber. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on November 2, 2022, during a third quarter 2022 conference call, Lumen further disclosed Quantum Fiber build delays, expressing that it was “not yet where [the Company] want[s] it to be” and that it has “much more to do.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Finally, on February 7, 2023, on a conference call to discuss the Company’s full year 2022 financial results, Lumen admitted that it had pressed “more of a stop button than a pause button” and its investment into the Quantum Fiber network while it reevaluated its strategic priorities. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Lumen Technologies, Inc. (NYSE: LUMN) from September 14, 2020 through February 7, 2023 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.