SAN FRANCISCO--(BUSINESS WIRE)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been filed on behalf of investors who purchased or otherwise acquired the securities of CenturyLink, Inc. (“CenturyLink” or the “Company”) (NYSE: CTL) between March 1, 2013 and June 19, 2017, inclusive (the “Relevant Period”).
If you purchased or otherwise acquired CenturyLink securities during the Relevant Period, you may move the Court for appointment as lead plaintiff by no later than August 21, 2017. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the actions will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the actions.
CenturyLink investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the CenturyLink Securities Class Litigation
CenturyLink is a Monroe, Louisiana provider of various communications services. The actions allege that CenturyLink misrepresented and failed to disclose its business practice of allowing and incentivizing CenturyLink employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges, and, as a result, CenturyLink’s business was not sustainable and its public statements about its financial performance and prospects were false and misleading during the Relevant Period.
On June 16, 2017, Bloomberg reported that a former CenturyLink customer service and sales agent filed an action against CenturyLink for wrongful termination after she was fired for blowing the whistle on CenturyLink’s high-pressure sales culture that cost customers hundreds of millions of dollars in unauthorized charges for services or lines they did not request. The former employee’s complaint reportedly likened the misconduct of CenturyLink sales agents “to the Wells Fargo scandal and estimated the alleged unauthorized fees amounted to ‘many millions’ of dollars” and that “her concerns were bolstered by posts she had read on review websites.” Following this news, the price of CenturyLink common stock fell $1.23 per share, or approximately 4.56%, from its closing price on June 15, 2017 to close at $25.72 on June 16, 2017.
On the next trading day, June 19, 2017, Bloomberg reported that a consumer class action lawsuit had been filed against CenturyLink, alleging that the sales practices described in the whistleblower lawsuit against the Company defrauded hundreds of thousands and potentially millions of consumers who suffered damages of between $600 million and $12 billion. Following this news, the price of CenturyLink stock fell $0.36 per share, or approximately 1.4%, from its closing price on June 16, 2017 to close at $25.36.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”
For more information about Lieff Cabraser and the firm’s representation of investors, please visit https://www.lieffcabraser.com.
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