RADNOR, Pa.--(BUSINESS WIRE)--The law firm of Kessler Topaz Meltzer & Check, LLP alerts CenturyLink, Inc. (NYSE: CTL) (“CenturyLink” or the “Company”) shareholders that class action lawsuits have been filed on behalf of purchasers of the Company’s securities between February 27, 2014 and June 19, 2017, inclusive (the “Class Period”).
Shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne O. Bell, Esq.) at (888) 299-7706 or at email@example.com.
CenturyLink shareholders who purchased securities during the Class Period may, no later than August 21, 2017, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/centurylink-inc#join.
CenturyLink provides various communications services to residential, business, wholesale, and governmental customers in the United States. The Company offers broadband, Ethernet, colocation, video entertainment and satellite digital television services.
The Complaints allege that throughout the Class Period the Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, the Defendants are alleged to have made false and misleading statements and/or failed 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 illicit conduct was likely to subject CenturyLink to heightened regulatory scrutiny; and (iv) as a result of the foregoing, CenturyLink’s public statements were materially false and misleading at all relevant times.
On June 16, 2017, Bloomberg published an article entitled “CenturyLink Is Accused of Running a Wells Fargo-Like Scheme” which revealed that a lawsuit had been filed by former CenturyLink employee Heidi Heiser (“Heiser”). The article reported that Heiser had been “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,” and 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.”
Following this news, CenturyLink’s share price fell $1.23, or 4.56%, to close at $25.72 on June 16, 2017.
On June 19, 2017, Bloomberg reported that a consumer complaint was filed against CenturyLink based on the whistle blower complaint alleging claims of fraud, unfair competition, and unjust enrichment.
On this news, the Company’s stock price fell $0.36 per share to close at $25.36 per share on June 19, 2017.
CenturyLink shareholders may, no later than August 21, 2017, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.