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LUMN.US
id: 594

Lumen Technologies (LUMN) Financial Misrepresentation Case

W.D. Louisiana
Court
02 May 2023
Lead Plaintiff motion deadline
  • Lumen Technologies, Inc. (LUMN) recorded an aggregate $3.271 billion non-cash goodwill impairment.
  • Lumen Technologies’ (LUMN) stock price fell over 20%, seriously damaging investors.
  • Investors suspect Lumen Technologies’ (LUMN) & its Leaders of financial misrepresentation.
On February 7, 2023, Lumen Technologies, Inc. (LUMN) announced results for Q4 2022, including:
  • that free cash flow was $126 million in Q4 2022, compared to $776 million in Q4 2021.
  • the Company is expected to generate between $0 million and $200 million in free cash flow for the full year 2023.
  • the Company recorded an aggregate $3.271 billion non-cash goodwill impairment, primarily in its North American business reporting unit.
Following this news, Lumen Technologies’ (LUMN) stock price fell over 20%, seriously damaging investors.

Taking all representations and consequent results into account, Investors have grounds to suspect that the Company and its Leaders made multiple financial misrepresentations that in turn led to damages for shareholders.

Case Status
Lead Plaintiff Appointed
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07 February 2023
Lead Plaintiff Deadline
02 May 2023
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