NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CenturyLink, Inc. (“CenturyLink” or the “Company”) (NYSE:CTL) of the August 21, 2017 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in CenturyLink stock or options between February 27, 2014 and June 15, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/CTL. There is no cost or obligation to you.
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The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased CenturyLink securities between February 27, 2014 and June 15, 2017 (the “Class Period”). The case, Thummeti v. CenturyLink, Inc. et al, No. 1:17-cv-04695 was filed on June 21, 2017.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) CenturyLink’s policies allowed its employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers; (ii) accordingly, the Company’s revenues were the product of illicit conduct and unsustainable; (iii) the foregoing conduct was likely to subject CenturyLink to heightened regulatory scrutiny; and (iv) as a result, CenturyLink’s public statements were materially false and misleading at all relevant times.
Specifically, on June 16, 2017, Bloomberg reported on a lawsuit by former CenturyLink employee Heidi Heiser (“Heiser”). The lawsuit claims that Heiser “was fired for blowing the whistle on the telecommunications company's high-pressure sales culture that left customers paying millions of dollars for accounts they didn't request.” Furthermore, the article states that Heiser “was fired days after notifying Chief Executive Officer Glen Post of the alleged scheme during a companywide question-and-answer session held on an internal message board.”
On this news, CenturyLink’s share price fell from $26.95 per share on June 15, 2017 to a closing price of $25.72 on June 16, 2017—a $1.23 or a 4.56% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding CenturyLink’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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