The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Lumen Technologies, Inc. (NYSE: LUMN) who purchased common stock between September 14, 2020, and February 7, 2023. The action, which was filed in the United States District Court for the Western District of Louisiana, alleges that the Company violated federal securities laws.
In particular, the Lumen lawsuit alleges that (i) various headwinds were impeding the Company’s ability to invest in and grow its Quantum Fiber brand; (ii) Lumen’s Quantum Fiber business 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.
Shareholders have until May 2, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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