March 18, 2014 - The court ordered the transfer of this case to the U.S. District Court for the Western District of Louisiana.
September 23, 2013 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.
August 5, 2013 - Lead plaintiff motions were filed.
June 27, 2013 - Another investor filed a complaint.
June 5, 2013 - An investor in shares of CenturyLink Inc (NYSE: CTL) filed a lawsuit in the U.S. District Court for the Southern District of New York against CenturyLink Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between August 8, 2012 and February 14, 2013.
According to the complaint the plaintiff alleges on behalf of those persons and entities who purchased or otherwise acquired CenturyLink Inc securities between August 8, 2012 and February 14, 2013, that CenturyLink Inc and certain of its officers violated the Securities Exchange Act of 1934 by issuing allegedly false and/or misleading statements to investors and by failing to disclose material adverse facts concerning CenturyLink Inc's dividend cut.
More specifically, the plaintiff alleges that CenturyLink Inc misled investors concerning the strength of its free cash flow, which was an important factor in the Company's ability to maintain its dividend levels.
On February 13, 2013, after the market closed, CenturyLink Inc announced its fourth quarter and Full Year 2012 Earnings. Among other things, CenturyLink Inc also issued its First quarter 2013 and Full Year 2013 guidance. CenturyLink Inc also announced a new capital allocation initiative, under which CenturyLink Inc authorized the repurchase of up to $2.0 billion of its outstanding common stock. At the same time CenturyLink Inc announced a plan to reduce CenturyLink Inc’s (NYSE: CTL) quarterly cash dividend rate from $0.725 to $0.54 per share.
Shares of CenturyLink Inc (NYSE: CTL) dropped from as high as $41.69 per share on February 13, 2013, to $32.12 per share on February 14, 2013.
On June 4, 2013 CenturyLink Inc (NYSE: CTL) shares closed at $34.93 per share.