INVESTOR ACTION REMINDER: Scott+Scott Attorneys at Law LLP Reminds Investors That a Securities Class Action Has Been Filed Against Lumen Technologies, Inc. (LUMN)

New York, New York--(Newsfile Corp. - March 30, 2023) - Scott+Scott Attorneys at Law LLP ("Scott+Scott"), an international shareholder and consumer rights litigation firm, is reminding investors that the deadline to move for lead plaintiff in a securities class action lawsuit against Lumen Technologies, Inc. (NYSE: LUMN) ("Lumen Technologies" or the "Company") and certain other defendants (collectively, "Defendants") is May 2, 2023.

CLICK HERE TO RECEIVE ADDITIONAL INFORMATION ABOUT THIS CLASS ACTION

The action, which was filed in the U.S. District Court for the Western District of Louisiana asserts claims under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") on behalf of a Class consisting of all persons who purchased or otherwise acquired Lumen Technologies common stock between September 14, 2020 and February 7, 2023, inclusive (the "Class Period"), and who were damaged thereby (the "Class").

According to the complaint, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) various headwinds were impeding the Company's ability to invest in and grow its Quantum Fiber brand; (2) Quantum Fiber was not progressing as was represented to the investing public; (3) Lumen Technologies' management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and (4) as a result of Lumen Technologies' decision to delay expansion of Quantum Fiber, the Company's results and metrics were negatively impacted and the scaling up of Quantum Fiber would not occur until, at the earliest, the end of 2023.

When the truth about Lumen Technologies' business reached the market, according to the Complaint, Lumen Technologies' common stock precipitously declined, thereby injuring investors.

Lead Plaintiff Deadline

The Lead Plaintiff deadline in this action is May 2, 2023. Any member of the proposed Class may seek to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class.

What You Can Do

If you purchased Lumen Technologies common stock during the Class Period, and suffered damages, realized or unrealized, you are encouraged to contact Scott+Scott attorney Jonathan Zimmerman at (888) 398-9312, or jzimmerman@scott-scott.com, for more information.

About Scott+Scott Attorneys at Law LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, Virginia, California, and Ohio.

Attorney Advertising

CONTACT:
Scott+Scott Attorneys at Law LLP
Jonathan Zimmerman
(888) 398-9312
jzimmerman@scott-scott.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/160560