The PennZone

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Lumen Technologies, Inc. ("Lumen" or the "Company") (NYSE: LUMN) securities between March 11, 2019 and July 14, 2023, inclusive (the "Class Period"). Lumen investors have until November 14, 2023 to file a lead plaintiff motion.

Investors suffering losses on their Lumen investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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.

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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.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Lumen owned and/or still owns thousands of miles of cables wrapped in lead, a known neurotoxin, within the U.S.; (2) the foregoing has harmed and posed the risk of further harming the environment, exposed Company employees, and the general public, thereby posing a significant public health risk and environmental pollution risk; (3) Lumen was on notice about the damage and risks presented by these lead-covered cables but did not disclose them as a potential threat to everyday people and communities, as well as failed to provide adequate lead training to employees; (4) all the foregoing subjected the Company to a heightened risk of governmental and regulatory oversight and enforcement action, as well as legal and reputational harm; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Lumen securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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