Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of shareholders that acquired CenturyLink, Inc. (CenturyLink or the Company) (NYSE: CTL) securities between May 10, 2018 and March 4, 2019, inclusive (the Class Period). CenturyLink investors have until May 6, 2019 to file a lead plaintiff motion.
Investors suffering losses on their CenturyLink 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 [email protected].
On March 4, 2019, CenturyLink disclosed that it had identified material weaknesses in internal controls over the Companys revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with the Level 3 Communications, Inc. As a result, the Company would not be able to timely file its annual report for the period ended December 31, 2018. On this news, the Companys share price fell $0.82 per share, or over 6%, to close at $12.15 per share on March 4, 2019, thereby injuring investors.
The complaint filed in this class action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) CenturyLink had undisclosed material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications, Inc. acquisition; (2) consequently, CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite initially reporting those financial results in a press release dated February 13, 2019; and (3) as a result, CenturyLinks public statements were materially false and misleading at all relevant times.
If you purchased shares of CenturyLink, 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 [email protected], or visit our website at www.howardsmithlaw.com.
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