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March 18, 2021 - The court preliminarily approved the settlement.
January 29, 2021 - A stipulation of settlement was filed by the parties.
July 30, 2019 - The court denied the defendants' motion to dismiss.
September 11, 2018 - A motion to dismiss the consolidated complaint was filed.
June 25, 2018 - A consolidated complaint was filed.
February 1, 2018 - The case was transferred to the U.S. District Court for the District of Minnesota.
June 21, 2017 - 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 over alleged violations of Federal Securities Laws by Centurylink Inc in connection with certain allegedly false and misleading statements made between February 27, 2014 and June 15, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Centurylink Inc (NYSE: CTL) common shares between February 27, 2014 and June 15, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 27, 2014 and June 15, 2017, the defendants made false and/or misleading statements and/or failed to disclose that Centurylink Inc’s policies allowed its employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges to Centurylink Inc customers, that accordingly, the Company’s revenues were the product of illicit conduct and unsustainable, that the foregoing illicit conduct was likely to subject Centurylink Inc to heightened regulatory scrutiny, and that as a result of the foregoing, Centurylink Inc’s public statements were materially false and misleading at all relevant times.
Monroe, LA based Centurylink Inc is an integrated communications company that is engaged in providing an array of communications services to its residential and business customers.
Centurylink Inc reported that its annual Total Revenue declined from over $17.9 billion in 2015 to over $17.47 billion in 2016 and that its Net Income decreased from $878 million in 2015 to $626 million in 2016.
On June 16, 2017, an article was published entitled “CenturyLink Is Accused of Running a Wells Fargo-Like Scheme,” stating that a “former CenturyLink Inc. employee claims she was fired for blowing the whistle on the telecommunications company’s high-pressure sales culture that left customers paying millions of dollars for accounts they didn't request.” The article states that “she was fired days after notifying Chief Executive Officer Glen Post of the alleged scheme during a companywide question-and-answer session held on an internal message board.”
Shares of Centurylink Inc (NYSE: CTL) declined to $24.08 per share on June 21, 2017.