Lumen Technologies, Inc.
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According to the Complaint, the Defendants are accused of making false and/or misleading statements by misrepresenting and failing to disclose important negative information related to the Company’s business, operations, and prospects. The Defendants were aware of these facts or deliberately disregarded them. The false and/or misleading statements and/or omissions made by Defendants include the following: (1) obstacles were hindering the Company’s ability to invest in and expand its Quantum Fiber brand; (2) Quantum Fiber was not making progress as claimed to the public; (3) the Company’s management was reevaluating its strategic priorities and had halted plans to quickly expand the Quantum Fiber brand; and (4) due to the Company’s decision to postpone the expansion of Quantum Fiber, its results and metrics were negatively impacted, and the scaling up of Quantum Fiber would not occur until, at the earliest, the end of 2023.