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LUMN.US
id: 826

Lumen Technologies (LUMN) Lead Cables Harm Case

W.D. Louisiana
Court
3:23-cv-01290
Case number
11 Mar 2019
Class period Start
14 Jul 2023
Class period End
14 Nov 2023
Lead Plaintiff motion deadline
  • J.P. Morgan analyst concluded that Lumen likely has ‘exposure’ to potential 'lead cable' liability.
  • $LUMN fell 10% and lost ~$210 million of its market cap, damaging shareholders.
  • Investors suspect Lumenof failing to disclose highly toxic effects from its cables.
On July 14, 2023, Seeking Alpha reported that a J.P. Morgan analyst concluded that Lumen likely has ‘exposure’ to potential copper cable lead sheathing liability.

On this news, $LUMN fell 10.19% and lost over $210 million of its market capitalization, damaging shareholders.
  • Later, the same day, The WSJ published an article revealing that for decades, telecom companies have been aware of the dangers posed by lead in their networks to workers but took minimal action.
  • Lead exposure can result in a range of health issues in adults, impacting the kidney, heart, and reproductive systems, and it is categorized as a likely human carcinogen.
Later, on July 26, 2023, The WSJ released an article entitled “Justice Department and EPA Probe Telecom Companies Over Lead Cables.” The article stated that “The Justice Department and Environmental Protection Agency are investigating the potential health and environmental risks stemming from a sprawling network of toxic lead-sheathed telecom cables across the U.S.”

Considering all facts, Investors have reasons to suspect Lumen of failing to disclose that it owns cables around the US that are highly toxic due to their being wrapped in lead, which harms the Company's employees and non-employees alike.
Case Status
Lead Plaintiff Appointed
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 July 2023
Filing date
15 September 2023
Lead Plaintiff Deadline
14 November 2023
Judge
Hon. Terry A Doughty
Collecting participants…

Lumen Technologies Inc

Lumen Technologies, Inc., a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to busin...

    Ticker
    LUMN.US
    ISIN
    US5502411037
    CIK
    18926
    Sector
    Communication Services
    Industry
    Telecom Services
    Country
    USA
    Address
    100 CenturyLink Drive, Monroe, LA, United States, 71203