NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 2, 2023 to file lead plaintiff applications in a securities class action lawsuit against Lumen Technologies, Inc. (NYSE: LUMN), if they purchased the Company’s shares between September 14, 2020 and February 7, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Western District of Louisiana.
What You May Do
If you purchased shares of Lumen and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-lumn/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 2, 2023.
About the Lawsuit
Lumen and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 2, 2022, the Company revealed delays in the buildout of its fiber optic cable services, branded as Quantum Fiber, and that it was "not yet where we want to be" with "much more to do." On this news, shares of Lumen fell more than 17.7%, from a close of $7.05 per share on November 2, 2022, to a close of $5.80 on November 3, 2022
Then, on February 7, 2023, the Company disclosed that, contrary to prior representations, work on Quantum Fiber had hit “more of a stop button than a pause button” and that its "location and subscriber results were impacted by the pause we had in place." On this news, shares of Lumen fell more than 20.8%, from a close of $4.99 per share on February 7, 2023, to a close of $3.95 on February 8, 2023.
The case is Voigt v. Lumen Technologies, Inc., No. 23-cv-00286.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
