Lumen Technologies, Inc. (NYSE: LUMN)

This lawsuit is for anyone who acquired securities in Lumen Technologies, Inc. (NYSE: LUMN) from March 11, 2019 though July 14, 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 disclose to investors that the Company had unusually large amounts of lead-clad lines that would expose the Company to unusually large clean up costs compared to its competitors should the Government require the clean up of lead-clad lines.

On July 9, 2023, the Wall Street Journal reported that over 2,000 lead-covered cables used by various telecommunication companies were degrading and leaching into soil and groundwater, posing a significant public health risk. On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume. Then, on July 11, 2023, the Wall Street Journal published another article reporting that “[l]awmakers are demanding that telecom firms act to ensure that Americans are safe after [an] investigation revealed that phone companies have left behind a network of cables covered in toxic lead, tainting water and soil in some locations.” Another article was published the following day detailing Lumen’s ownership of lead-covered cables previously owned by Ma Bell, as well as evidence suggesting that Lumen’s workers still face exposure to lead. On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Then, on July 14, 2023, in a report published by Seeking Alpha, a J.P. Morgan analyst stated that Lumen likely has “exposure to potential copper [cable] lead sheathing liability.” On this news, the price of the Company’s stock again dropped precipitously on unusually heavy trading volume. Finally, also on July 14, 2023, after the market closed, the Wall Street Journal published an article regarding Lumen’s exposure to liabilities related to its lead-sheathed cables, stating that, after AT&T, Verizon and Lumen would have the most lead-covered cables to remove. 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 March 11, 2019 though July 14, 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.