RADNOR, Pa.--(BUSINESS WIRE)--
The law firm of Kessler Topaz Meltzer & Check, LLP reminds CenturyLink, Inc. (CTL) (“CenturyLink”) investors that a securities fraud class action lawsuit has been filed on behalf of purchasers of CenturyLink publicly traded securities between May 10, 2018 and March 4, 2019, inclusive (the “Class Period”).
REMINDER: Investors who purchased CenturyLink securities during the Class Period may, no later than May 6, 2019, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation please visit www.ktmc.com/centurylink-inc-2019-securities-class-action.
According to the complaint, CenturyLink provides various communications services to residential, business, wholesale, and governmental customers primarily in the United States. On November 1, 2017, CenturyLink acquired Level 3 Communications, Inc., a telecommunications and internet service provider.
The Class Period commences on May 10, 2018, when CenturyLink filed its Form 10-Q for the quarter ended March 31, 2018 with the SEC, which provided its first quarter financial results and position. On February 13, 2019, CenturyLink issued a press release reporting its fourth quarter and full year 2018 results.
The complaint alleges that, on March 4, 2019, CenturyLink announced it would not be able to timely file its annual report for the period ended December 31, 2018 because it had “identified material weaknesses in internal controls over [its] revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with the Level 3 Communications, Inc. acquisition.”
Following this news, shares of CenturyLink fell $0.82 per share, or over 6%, to close at $12.15 per share on March 4, 2019.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) CenturyLink had undisclosed material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications, Inc. acquisition; (2) consequently, CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite initially reporting those financial results in a press release dated February 13, 2019; and (3) as a result, CenturyLink’s public statements were materially false and misleading at all relevant times.
Investors who wish to discuss this securities fraud class action lawsuit and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 (toll free) or at firstname.lastname@example.org.
CenturyLink investors may, no later than May 6, 2019, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.