NEW YORK, July 18, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Lumen Technologies, Inc. (“Lumen” or the “Company”) (NYSE: LUMN). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Lumen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 9, 2023the Wall StreetJournal published an article reporting that more than 2,000 abandoned lead cables, previously used by various telecommunication companies, were degrading and leaching into soil and groundwater, posing a significant public health risk. In related articles, the Wall StreetJournal estimated that cleanup costs could run into the tens of billions of dollars, noting that it was difficult to quantify different telecommunication companies’ exposure. Following publication of these articles, analysts downgraded multiple telecommunication company stocks.
Lumen’s stock price fell $0.15 per share, or 8.11%, to close at $1.70 per share on July 17, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Parisand Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
