CenturyLink investors may receive additional information about the case by clicking the link "Submit Your Information" above.
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.
If you are a member of the class described above, you may no later than May 6, 2019 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at email@example.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.
Kessler Topaz Meltzer & Check, LLP
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