SAN DIEGO, March 06, 2023 (GLOBE NEWSWIRE) — The class: Robbins LLP reminds investors that a shareholder has filed a class action lawsuit on behalf of all individuals and entities holding Lumen Technologies, Inc. LUMIN Securities between September 14, 2020 and February 7, 2023 for violations of the Securities Exchange Act of 1934. Lumen, formerly CenturyLink Inc. CTLis a communications company.

What now: Shareholders in a similar situation may be eligible to participate in the class action lawsuit against Lumen. Shareholders who wish to be lead plaintiffs in the class action must file by May 2, 2023. A Lead Plaintiff is a representative party acting on behalf of other Class Plaintiffs in the conduct of the litigation. You do not have to be present at the case to be eligible for a recovery. Click for more information Here.

All representations are on a contingency fee basis. Shareholders pay no fees or costs.

What is it about in this case: Lumen Technologies, Inc. (LUMN) has misled investors regarding its expansion into SME and residential real estate markets

According to the lawsuit, defendants alleged during the class action that, among other things, Lumen has “invested heavily in our consumer fiber business” and “aggressively taken market share in our small business segment.” Defendants also stated that “we continue to expand our quantum fiber footprint and increase our market penetration” and “we have no capital constraints. So as we continue to improve our market penetration and performance, we will continue to expand our footprint and we believe we have a long runway for growth in – within lumens in Quantum Fiber.”

However, Lumen experienced serious headwinds that hampered its ability to scale its newly targeted fiber markets. Defendants have failed to disclose that: (i) various headwinds impeded the Company’s ability to invest in and grow its Quantum Fiber brand; (ii) Quantum Fiber failed to make progress as presented to the investing public; (iii) lumens…