Philadelphia, Pennsylvania–(Newsfile Corp. – June 26, 2023) – A recently filed securities class action Complaint alleges that Lumen, via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (i) various headwinds were impeding the Company’s ability to invest in and grow its Quantum Fiber brand; (ii) Lumen’s Quantum Fiber business was not progressing as was represented to the investing public; (iii) Lumen’s management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and (iv) as a result of Lumen’s 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.

Current shareholders who have held Lumen stock since before September 19, 2020, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.

If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/lumen-technologies-shareholder-investigation/ contact us at jgrabar@grabarlaw.com, or call 267-507-6085.

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Contact:
Joshua H. Grabar, Esq.
Grabar Law Office
One Liberty Place
1650 Market Street, Suite 3600
Philadelphia, PA 19103
Tel: 267-507-6085
Email: jgrabar@grabarlaw.com

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