CenturyLink, Inc. (NYSE: CTL) Investor Securities Class Action Lawsuit 03/06/2019

If you purchased a significant amount of shares of CenturyLink, Inc. (NYSE: CTL) between May 10, 2018 and March 4, 2019, and / or if you purchased any NYSE: CTL shares prior to May 2018 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 6, 2019. NYSE: CTL investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
CenturyLink
Case Name: 
CenturyLink Shareholder Class Action Lawsuit 03/06/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: CTL
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/06/2019
Class Period Begin: 
05/10/2018
Class Period End: 
03/04/2019
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
05/06/2019
Summary: 

An investor in shares of CenturyLink, Inc. (NYSE: CTL) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by CenturyLink, Inc. in connection with certain allegedly false and misleading statements made between May 10, 2018 and March 4, 2019.

Monroe, LA based CenturyLink, Inc. provides various communications services to residential, business, wholesale, and governmental customers primarily in the United States. CenturyLink, Inc. reported that its annual Total Revenue rose from $17.47 billion in 2016 to over $17.65 billion in 2017 and that its Net Income increased from $626 million in 2016 to over $1.38 billion in 2017. Shares of CenturyLink, Inc. (NYSE: CTL) grew from $13.56 per share in late 2017 to as high as $24.20 per share in August 2018.

On March 4, 2019, CenturyLink, Inc asked the Securities and Exchange Commission to extend the deadline for filing its 2018 annual report. CenturyLink stated that the reason for the delay in filing was due to a “material weakness” it found in internal controls linked to recording revenue at Colorado-based Level 3 Communications, which it purchased for around $34 billion in 2017. CenturyLink also stated that there were problems with measuring the fair value of assets and liabilities. Shares of CenturyLink, Inc. (NYSE: CTL) declined to as low as $11.52 per share on March 6, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of CenturyLink, Inc. (NYSE: CTL) common shares between May 10, 2018 and March 4, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 10, 2018 and March 4, 2019, the defendants made false and/or misleading statements and/or failed to disclose that CenturyLink had undisclosed material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications, Inc. acquisition, that consequently, CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite initially reporting those financial results in a press release dated February 13, 2019, and that as a result, CenturyLink’s public statements were materially false and misleading at all relevant times