Lumen Technologies, Inc. (NYSE: LUMN)
NEW YORK, NY – September 25, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a federal securities class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Lumen Technologies, Inc. (“Lumen” or the “Company”) (NYSE: LUMN) securities between March 11, 2019 and July 14, 2023, inclusive (the “Class Period”).
All investors who purchased shares and incurred losses are advised to contact the firm immediately at firstname.lastname@example.org or (800) 575-0735 or (212) 545-4774.
If you have incurred losses, you may, no later than November 14, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
On July 9, 2023, the Wall Street Journal reported that over 2,000 lead-covered cables used by various telecommunication companies were degrading and leachinginto soil and groundwater, posing a significant public health risk. On this news, Lumen’s stock price fell $0.13, or 5.9%, to close at $2.06 per share on July 10, 2023, thereby injuring investors.
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, Lumen’s stock price fell $0.03, or 1.5%, to close at $2.04 per share on July 12, 2023.
Subsequently, 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, Lumen’s stock price fell $0.21, or 10.2%, to close at $1.85 per share on July 14, 2023. 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, Lumen’s stock price fell $0.15, or 8.1%, to close at $1.70 per share on July 17, 2023.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at email@example.com.
Wolf Haldenstein Adler Freeman & Herz LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Tel: (800) 575-0735 or (212) 545-4774
Certification and Authorization Pursuant to Federal Securities Laws
Date of signing: 11/30/2023