NEW YORK, April 8, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Lumen Technologies, Inc. f/k/a CenturyLink (“Lumen” or the “Company”) LUMIN. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.

The investigation concerns whether Lumen and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

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On February 9, 2023, Lumen acknowledged that the Company’s expansion into the small and medium-sized business (“SMB”) and residential fiber optic services markets has been slower than previously illustrated.

As a result of this news, Lumen’s share price fell $1.99 per share, or 15.52%, to close at $10.83 per share on February 10, 2022.

Then, on November 2, 2022, Lumen’s chief executive officer acknowledged that the company “has not yet reached the pace of build-up that we expect or want” in regards to the development of its Quantum Fiber brand. As a result of this news, Lumen’s share price fell $1.25 per share, or 17.73%, to close at $5.80 per share on November 3, 2022. Finally, on February 7, 2023, Lumen admitted that the company “pressed a stop button rather than a pause button” for Lumen’s investment in its Quantum Fiber network and expansion into the SMB and consumer markets while the company realigned its priorities rated.

As a result of this news, Lumen’s share price fell $1.04 per share, or 20.84%, to close at $3.95 per share on February 8, 2023.

Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of…