Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in CenturyLink (NYSE:CTL) in connection to alleged violations of securities laws by CTL. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in CenturyLink between March 1, 2013 and June 19, 2017.
The class action complaint specifically alleges that during the period in question, CTL might have provided false and/or misleading material information, and/or failed to disclose adverse material information to the public, namely: that the company had policies which permitted employees to add certain services or lines to customers’ accounts without those customers’ consent, causing unauthorized charges totaling millions of dollars; that consequently the company’s revenues stemmed from unlawful and unsustainable activities; that such activities were likely to result in increased regulatory scrutiny over CenturyLink; and that consequently the company’s statements to the public were false and misleading during the relevant period. When a June 2017 report in Bloomberg revealed that a former CTL employee had alleged she was fired after informing CTL’s CEO, Glen Post, about the company’s high pressure sales culture, including unauthorized charges, the company’s value fell more than 4% to a close of $25.72/share on June 16, 2017.
According to the company’s website, CenturyLink is “a global communications and IT services company focused on connecting its customers to the power of the digital world.” The company’s description continues: “CenturyLink offers network and data systems management, big data analytics, managed security services, hosting, cloud, and IT consulting services. The company provides broadband, voice, video, advanced data and managed network services over a robust 265,000-route-mile U.S. fiber network and a 360,000-route-mile international transport network.”
A class action lawsuit has already been filed in connection CenturyLink. If you wish to serve as lead plaintiff in the CTL lawsuit, you must move the Court no later than August 21, 2017. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.