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LUMN.US
id: 594

Lumen Technologies (LUMN) Financial Misrepresentation Case

The case has been dismissed, typically without any further action.
W.D. Louisiana
Court
3:23-cv-00286
Case number
05/02/2023
Lead Plaintiff motion deadline

  • Lumen Technologies, Inc. (LUMN) recorded an aggregate $3.271 billion non-cash goodwill impairment.

  • Lumen Technologies’ (LUMN) stock price fell over 20%, seriously damaging investors.

  • Investors suspect Lumen Technologies’ (LUMN) & its Leaders of financial misrepresentation.

On February 7, 2023, Lumen Technologies, Inc. (LUMN) announced results for Q4 2022, including:

  • that free cash flow was $126 million in Q4 2022, compared to $776 million in Q4 2021.

  • the Company is expected to generate between $0 million and $200 million in free cash flow for the full year 2023.

  • the Company recorded an aggregate $3.271 billion non-cash goodwill impairment, primarily in its North American business reporting unit.

Following this news, Lumen Technologies’ (LUMN) stock price fell over 20%, seriously damaging investors.

Taking all representations and consequent results into account, Investors have grounds to suspect that the Company and its Leaders made multiple financial misrepresentations that in turn led to damages for shareholders.

Case Status
Dismissed
Alleged Offence
Mismanagement, 
Misleading Statements, 
Financial Misrepresentation, 
Fraud, 
Failure to Disclose, 
Malpractice, 
Negligence, 
Breach of Fiduciary duty, 
Omissions
Suspected Party
Directors, 
Management, 
Service Provider
Security Type
Stocks
Trade Direction
Long
Shock Event Date
02/07/2023
Lead Plaintiff Deadline
05/02/2023
Judge
Terry Alvin Doughty