(MENAFN- PR Newswire) NEW YORK, March 17, 2023 /PRNewswire/ -- Jakubowitz Law announces that a securities fraud class action lawsuit has commenced on behalf of shareholders of Lumen Technologies, Inc. (NYSE: lumn ).
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This lawsuit is on behalf of all persons or entities who purchased or otherwise acquired Lumen common stock between September 14, 2020, and February 7, 2023, inclusive.
Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until May 2, 2023 to petition the court. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
According to a filed complaint, Lumen Technologies, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (i) various headwinds were impeding the Company's ability to invest in and grow its Quantum Fiber brand; (ii) Lumen's Quantum Fiber business was not progressing as was represented to the investing public; (iii) Lumen's management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and (iv) as a result of Lumen's decision to delay expansion of Quantum Fiber, the Company's results and metrics were negatively impacted and the scaling up of Quantum Fiber would not occur until, at the earliest, the end of 2023.
Jakubowitz Law is vigorous in pursuit of justice for shareholders who have been the victim of securities fraud. Attorney advertising. Prior results do not guarantee similar outcomes.
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