Securities fraud class action litigation has been filed on behalf of investors in the securities of CenturyLink (“CenturyLink” or the “Company”) (NYSE: CTL). If you purchased or otherwise acquired the securities of CenturyLink between March 1, 2013 and June 19, 2017, inclusive (the “Relevant Period”), you may move the court for appointment as lead plaintiff by no later than August 21, 2017.
You may retain Lieff Cabraser Heimann & Bernstein, LLP, or other attorneys, as your counsel in the actions. Recognized by the National Law Journal as one of the nation’s top plaintiffs’ law firms, Lieff Cabraser is committed to safeguarding the rights of investors and upholding the integrity of the market. We have significant experience and a successful track record of representing institutional and individual investors in securities and financial fraud litigation.
CenturyLink investors may choose to have Lieff Cabraser review their claim by completing the contact form below. You can also call Sharon M. Lee of Lieff Cabraser at 1-800-541-7358 to discuss the litigation.
Background on the CenturyLink Securities Class Litigation
CenturyLink is a Monroe, Louisiana provider of various communications services. The actions allege that CenturyLink misrepresented and failed to disclose its business practice of allowing and incentivizing CenturyLink employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges, and, as a result, CenturyLink’s business was not sustainable and its public statements about its financial performance and prospects were false and misleading during the Relevant Period.
On June 16, 2017, Bloomberg reported that a former CenturyLink customer service and sales agent filed an action against CenturyLink for wrongful termination after she was fired for blowing the whistle on CenturyLink’s high-pressure sales culture that cost customers hundreds of millions of dollars in unauthorized charges for services or lines they did not request. The former employee’s complaint reportedly likened the misconduct of CenturyLink sales agents “to the Wells Fargo scandal and estimated the alleged unauthorized fees amounted to ‘many millions’ of dollars” and that “her concerns were bolstered by posts she had read on review websites.” Following this news, the price of CenturyLink common stock fell $1.23 per share, or approximately 4.56%, from its closing price on June 15, 2017 to close at $25.72 on June 16, 2017.
On the next trading day, June 19, 2017, Bloomberg reported that a consumer class action lawsuit had been filed against CenturyLink, alleging that the sales practices described in the whistleblower lawsuit against the Company defrauded hundreds of thousands and potentially millions of consumers who suffered damages of between $600 million and $12 billion. Following this news, the price of CenturyLink stock fell $0.36 per share, or approximately 1.4%, from its closing price on June 16, 2017 to close at $25.36.
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About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for fourteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Law360 has selected Lieff Cabraser as one of the Top 50 law firms nationwide for litigation, highlighting our firm’s “laser focus” and noting that our firm routinely finds itself “facing off against some of the largest and strongest defense law firms in the world.” In late 2016, Benchmark Litigation named Lieff Cabraser one of the “Top 10 Plaintiffs’ Firms in America.”