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 - EconoTimes)
NEW YORK, June 23, 2017 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against CenturyLink, Inc. (“CenturyLink” or the “Company”) (NYSE:CTL) in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who purchased or otherwise acquired CenturyLink stock on the open market from February 27, 2014 through June 15, 2017, inclusive (the “Class Period”), seeking to recover compensable damages caused by Defendants’ violations of the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made false and misleading statements and/or failed to disclose that: (1) CenturyLink’s policies allowed its employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers; (2) CenturyLink’s revenues were the product of illicit conduct and unsustainable; (3) the foregoing illicit conduct was likely to subject CenturyLink to heightened regulatory scrutiny; and (4) as a result, CenturyLink’s public statements were materially false and misleading at all relevant times.
On June 16, 2017, Bloomberg reported on a lawsuit recently filed by former CenturyLink employee Heidi Heiser alleging that Heiser was fired days after notifying Chief Executive Officer Glen Post of CenturyLink’s high-pressure sales culture that left customers paying millions of dollars for accounts they didn't request. On this news, shares of CenturyLink fell $1.23 per share or over 4% to close at $25.72 per share on June 16, 2017, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than August 21, 2017. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
