On June 22, 2017, the initial complaint in this securities class action was filed against CenturyLink, Inc. (“CenturyLink” or the “Company”), and certain of CenturyLink’s directors, officers and underwriters, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act. The complaint alleges that CenturyLink publicly issued materially false and misleading statements and omitted material facts, regarding its unlawful business practices and its failure to comply with applicable laws and regulations. Specifically, CenturyLink incentivized unethical and unlawful behavior, including by allowing CenturyLink employees to add services, lines, and accounts for customers without their permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers. Further, contrary to CenturyLink’s representations, the Company’s revenues and earnings growth were unsustainable because they were dependent upon improper and illegal conduct that subjected the Company to heightened regulatory scrutiny, governmental action, and significant sanctions that could severely curtail its business.
On September 14, 2020, the Court certified the Class as all persons and entities that purchased or otherwise acquired publicly-traded CenturyLink, Inc. common stock or 7.60% Senor Notes due September 15, 2039, during the period between March 1, 2013 to July 12, 2017.
Current Status of Case:
Fact discovery will close on February 3, 2021 and opening summary judgment briefs will be filed by May 5, 2021. This action is still ongoing.
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