LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Lumen Technologies, Inc. (“Lumen” or the “Company”) (NYSE: LUMN) investors concerning the Company’s possible violations of the federal securities laws.
If you suffered a loss on your Lumen investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Lumen-Technologies-Inc-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at firstname.lastname@example.org to learn more about your rights.
On July 9, 2023, the Wall Street Journal reported that over 2,000 lead-covered cables used by various telecommunication companies were degrading and leaching into soil and groundwater, posing a significant public health risk. On this news, Lumen’s stock price fell $0.13, or 5.9%, to close at $2.06 per share on July 10, 2023, thereby injuring investors.
Then, on July 11, 2023, the Wall Street Journal published another article reporting that “[l]awmakers are demanding that telecom firms act to ensure that Americans are safe after [an] investigation revealed that phone companies have left behind a network of cables covered in toxic lead, tainting water and soil in some locations.” Another article was published the following day detailing Lumen’s ownership of lead-covered cables previously owned by Ma Bell, as well as evidence suggesting that Lumen’s workers still face exposure to lead. On this news, Lumen’s stock price fell $0.03, or 1.5%, to close at $2.04 per share on July 12, 2023.
Then, on July 14, 2023, in a report published by Seeking Alpha, a J.P. Morgan analyst stated that Lumen likely has “exposure to potential copper [cable] lead sheathing liability.” On this news, Lumen’s stock price fell $0.21, or 10.2%, to close at $1.85 per share on July 14, 2023.
Also on July 14, 2023, after the market closed, the Wall Street Journal published an article regarding Lumen’s exposure to liabilities related to its lead-sheathed cables, stating that, after AT&T, Verizon and Lumen would have the most lead-covered cables to remove. On this news, Lumen’s stock price fell $0.15, or 8.1%, to close at $1.70 per share on July 17, 2023, thereby injuring investors further.
Whistleblower Notice: Persons with non-public information regarding Lumen should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email email@example.com.
Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.