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Lumen Technologies (LUMN) Lead Cables Harm Case
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- 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.
Failure to Disclose,
Shock Event Date
14 July 2023
15 September 2023
Lead Plaintiff Deadline
14 November 2023
Hon. Terry A Doughty