LUMN - LUMEN ALERT: Bragar Eagel & Squire P.C. is Investigating Lumen Technologies Inc. on Behalf of Long-Term Stockholders and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, June 17, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Lumen Technologies, Inc. (NYSE:LUMN) on behalf of long-term stockholders following a class action complaint that was filed against Lumen on March 3, 2023 with a Class Period from September 14, 2020 to February 7, 2023. Our investigation concerns whether the board of directors of Lumen have breached their fiduciary duties to the company.
At the outset of the Class Period, Lumen announced it would redefine its business by renaming itself from CenturyLink to Lumen and refining its marketing approach, cutting off market segments and operations that did not align with the Company's strategic objectives and adding market segments that were aligned with the Company's vision.
Specifically, Lumen announced to investors that it would leverage its existing 400,000 route miles of fiber optic cable, which had previously serviced enterprise and wholesale markets, to expand its fiber services to small and medium business ("SMB") and residential or consumer markets. Lumen represented to investors that expanding its fiber services into the SMB and residential markets, branded as Quantum Fiber, was a natural fit for the Company that represented a strong opportunity for growth.
Throughout the Class Period, Defendants represented to investors and the public that Lumen was, among other things, "investing heavily in our consumer ...