LUMEN TECHNOLOGIES SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Lumen Technologies, Inc. - LUMN

NEW ORLEANS, March 10, 2023 /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until May 2, 2023 to file lead plaintiff applications in a securities class action lawsuit against Lumen Technologies, Inc. (NYSE: LUMN), if they purchased the Company's shares between September 14, 2020 and February 7, 2023, inclusive (the "Class Period"). This action is pending in the United States District Court for the Western District of Louisiana.

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Lumen investors should visit us at https://claimsfiler.com/cases/nyse-lumn/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Lumen and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. 

On November 2, 2022, the Company revealed delays in the buildout of its fiber optic cable services, branded as Quantum Fiber, and that it was "not yet where we want to be" with "much more to do." On this news, shares of Lumen fell more than 17.7%, from a close of $7.05 per share on November 2, 2022, to a close of $5.80 on November 3, 2022.

Then, on February 7, 2023, the Company disclosed that, contrary to prior representations, work on Quantum Fiber had hit "more of a stop button than a pause button" and that its "location and subscriber results were impacted by the pause we had in place." On this news, shares of Lumen fell more than 20.8%, from a close of $4.99 per share on February 7, 2023, to a close of $3.95 on February 8, 2023.

The case is Voigt v. Lumen Technologies, Inc., No. 23-cv-00286.

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