NEW YORK, NY / ACCESSWIRE / March 20, 2019 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
The complaint alleges that defendants made false and misleading statements and failed to disclose that: (1) CenturyLink did not reveal material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities in connection with its Level 3 Communications, Inc. acquisition; (2) as a result, CenturyLink would delay the filing of its 4th quarter Form 10-K for the fiscal year 2018 despite initially reporting those financial results in a press release dated February 13, 2019; and (3) consequently, CenturyLink's public statements were materially false and misleading at all relevant times.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose that: (1) demand for the Company's products, including Barbie and Hot Wheels, was declining; (2) Mattel had an excess of product supply; and (3) consequently, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On November 7, 2018, Conduent revealed its negative Q3 and Q4 projected operating results attributing "continued suboptimal performance from an inherited legacy technology vendor…stem[ming] from the vendor's inability to deliver on service level agreements, lack of responsiveness to Conduent's needs, and poorly structured contract which we inherited" The company also mentioned an "outdated and historically under-invested legacy IT infrastructure has caused major disruptions to our operations and impacted clients and delivery performance." Following this news, Conduent stock dropped sharply.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
SOURCE: Bronstein, Gewirtz & Grossman, LLC
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