Law Offices of Howard G. Smith, Representing Investors of Level 3 Communications, Inc., Announces Class Action Lawsuit -- LVLT

• Press Release
• Source: Law Offices of Howard G. Smith
• On 6:48 pm EST, Friday February 6, 2009

BENSALEM, Pa., Feb. 6, 2009 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith, representing investors of Level 3 Communications, Inc. (``Level 3'' or the ``Company'') (NasdaqGS:LVLT - News), has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of a Class consisting of all purchasers of the securities of Level 3 between February 8, 2007 and October 23, 2007, inclusive (the ``Class Period'').

Related Quotes

Symbol	Price	Change
LVLT	1.20	0.00

{"s" : "lvlt","k" : "c10,l10,p20,t10","o" : "","j" : ""}

The Complaint charges Level 3 and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' material omissions and dissemination of materially false and misleading statements concerning the Company's business, operations and prospects caused Level 3's stock price to become artificially inflated, inflicting damages on investors.

Level 3 provides network and Internet services in North America and Europe, including transport services, high speed Internet protocol services, dedicated Internet access, virtual private network services, colocation services and dark fiber services. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements were false or materially misleading or failed to disclose that, among other things: (1) Level 3's efforts to integrate numerous companies it had acquired were not going well; (2) the Company was experiencing an increase in service activation times, negatively impacting its service installation intervals and rate of revenue growth; (3) challenges in the Company's service management processes were resulting in longer response times to resolve customers' network service issues; (4) steps taken by the Company to remedy the problems were not working, and actually were making them worse; and (5), as a result of the foregoing, the Company did not have adequate provisioning capability to convert its signed orders into revenue generating service.

On October 23, 2007, Level 3 shocked the market when it revealed that the Company was having extensive difficulties integrating the systems and customer-service processes of the numerous companies it had acquired. In addition, Level 3 revised downward the Company's previously issued guidance for fourth quarter 2007 and full year 2008. On this news, shares of Level 3 fell $1.04 per share, or approximately 24%, to close on October 23, 2007 at $3.28 per share, on unusually heavy trading volume.

No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased or acquired Level 3 securities between February 8, 2007 and October 23, 2007, you have certain rights, and have until April 6, 2009, to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215)638-4847, Toll-Free at (888)638-4847, by email to howardsmith@howardsmithlaw.com or visit our website at http://www.howardsmithlaw.com.

          Law Offices of Howard G. Smith
          Howard G. Smith, Esquire 
          (215) 638-4847 
          (888) 638-4847
          howardsmith@howardsmithlaw.com