NEW YORK, March 11, 2019 — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of CenturyLink, Inc. (“CenturyLink” or the “Company”) (NYSE: CTL). Investors who purchased CenturyLink securities between May 10, 2018 and March 4, 2019, inclusive (the “Class Period”), may be affected. A complaint has been filed in the United States District Court for the Central District of California against the Company and certain executives (the “Action”).
On November 1, 2017, CenturyLink acquired Level 3 Communications, Inc. (“Level 3 Communications”), a purported telecommunications and internet service provider.
On March 4, 2019, the Company announced it would not be able to timely file its annual report on Form 10-K for the period ended December 31, 2018. CenturyLink stated that the principal reason for the delay was due to the identification of “material weaknesses in internal controls” related to the recording of revenue and the procedures for measuring fair value of assets and liabilities in connection with its acquisition of Level 3 Communications.
Following this news, CenturyLink’s shares fell $0.82 per share, about 6.3%, to close at $12.15 per share on March 4, 2019.
The Action alleges that throughout the Class Period, 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 procedure for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications acquisition, (2) consequently. CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite reporting those results in a press release dated February 13, 2019, and (3) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you are a member of the proposed Class, you may move the court no later than May 6, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Jeffrey P. Campisi
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
Fax: (212) 687-7714
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
Fax: (415) 772-4707
SOURCE Kaplan Fox & Kilsheimer LLP