GRABAR LAW OFFICE INVESTIGATES CLAIMS AGAINST OFFICERS AND DIRECTORS OF LUMEN TECHNOLOGIES, INC. (NYSE: LUMN)
Lumen Technologies, Inc.'s service offerings include providing fiber infrastructure delivering high-bandwidth telecommunication services, primarily under the Quantum Fiber and Lumen brands.
According to a recently filed securities class action Complaint, it is alleged that Lumen, via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (i) various headwinds were impeding the Company's ability to invest in and grow its Quantum Fiber brand; (ii) Lumen's Quantum Fiber business was not progressing as was represented to the investing public; (iii) Lumen's management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and (iv) as a result of Lumen's decision to delay expansion of Quantum Fiber, the Company's results and metrics were negatively impacted and the scaling up of Quantum Fiber would not occur until, at the earliest, the end of 2023.
Current shareholders who have held Lumen stock since before September 19, 2020, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
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