Invested in
Lumen Technologies?
Attention Lumen Technologies investors: contact investor lawyers for a free evaluation of your potential claims for compensation today.
- Are you a long-term shareholder of Lumen Technologies (NYSE: LUMN), formerly known as CenturyLink (NYSE: CTL, CYT) (“Lumen”) and do you still hold your Lumen shares?
- Are you concerned about the recent Lumen share price drop following The Wall Street Journal’s investigative reporting regarding potentially hazardous and toxic lead covered cables left behind by telecom companies, including Lumen?
- Are you concerned about the conduct of Lumen’s officers and directors, and the company’s corporate controls, risk mitigation, and compliance practices related to its alleged failure to remove old lead cables despite allegedly known potential risks?
- Would you like your potential options for compensation and/or redress to be reviewed by an experienced team of investor lawyers?
Request a free case evaluation of your potential claims for compensation today, via email at arosca@rscounsel.law, through the contact form on this page, or by calling 888-998-0530.
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The Lumen Technologies Class Action Investigation page is the resource for long-term shareholders of Lumen Technologies who would like to evaluate compensation claims.
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Posted July 21, 2023
Lumen Technologies Investigation Related to Alleged Failure to Remove Lead Covered Cables
Securities attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner have been investigating potential securities violations and corporate misconduct, as well as questionable business practices involving Lumen Technologies following the company’s alleged failure to remove toxic lead sheathed cables under its ownership or control. The Rosca Scarlato investor rights lawyers have identified potential areas of concern for Lumen investors following the significant stock price drop in the wake of the revelations in the recent Wall Street Journal (“WSJ” or “the Journal”) investigatory report.
What Lumen Technologies Investors May Do
LUMN investors interested in an evaluation of their potential options to seek compensation and/or pursue claims related to their Lumen Technologies investment may contact investor rights attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner. Claims that are not timely pursued may expire or otherwise be lost, generally speaking.
Get in Touch with an Experienced Team of Investor Attorneys
Attorneys Rosca, Scarlato, and Weidner have extensive experience in seeking compensation related to investor harm and pursuing claims arising out of alleged violations of securities law and/or corporate misconduct, and are currently evaluating potential claims on behalf of investors in Lumen Technologies, Inc.
They typically work on a contingent fee basis, do not require any money down from their clients, advance case expenses, and only get paid for their fees and expenses if and when successful, following review and approval by the Court of any fee application.
Concerned LUMN stock investors may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to discuss their potential options toll free at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
Potential Compensation Claims
Has Lumen Technologies Been Accused of Misconduct Related to Its Lead Cables?
According to a recent exposé by The Wall Street Journal, several major telecom companies, including Lumen Technologies, reportedly own and/or abandoned thousands of lead-sheathed cables spread across United States. The WSJ reports suggest that telecom carriers including Lumen seemingly ignored potential health risks and environmental hazards for the surrounding communities where those cables are located.
The WSJ reported that those telecom companies failed to take significant steps to monitor or remove the cables, despite being aware of the risk of toxic lead leaking into the nearby areas and endangering residents, as well as the possible dangers of exposing their own workers to lead poisoning.
The WSJ investigation unveiled over 2000 underwater and aerial lead-sheathed cables, many of them reportedly located near schools, bus stops, or other densely populated areas. The total number of lead-covered cables across the country is reportedly unknown, but according to WJS it is expected to be much higher.
They are “buried everywhere” and “you’re not even going to know where it is in a lot of places,” a former U.S. Environmental Protection Agency (“EPA”) official commented on the widespread presence of these cables, the Journal reported. Lumen Technologies, along with certain other telecommunication companies, reportedly operate “some of the biggest networks in the US, and parts of those systems include lead-covered wires that date back to the early 20th century”, Bloomberg reported.
Why Did LUMN Stock Price Drop?
On July 17, 2023, WSJ reported that the price for Lumen Technologies shares fell 5.4% to $1.75. According to Investor’s Business Daily, the LUMN stock and three other telecom carrier companies lost a combined $18 billion in market value the week before.
While the LUMN stock price has slightly recovered since then, WSJ reported LUMN still trades under the July 7 closing price prior to the publication of this blog.
Investment analysts quoted by several publications indicated that the main concern was the unknown cost of cleaning the areas exposed to the lead-covered cables, with some analysts estimating Lumen to face costs over $8 Billion.
“Telecom stocks could be in the doghouse for a while,” commented Craig Moffett, an analyst at MoffettNathanson.
Goldman Sachs analyst Brett Feldman reportedly noted that major wireline telcos could encounter extended timelines and higher costs when decommissioning legacy networks relying on copper cables with lead sheathing.
JPMorgan analysts, referring to the copper lead sheathing issue, expressed uncertainty in calculating potential liabilities, Reuters reports.
Frank Louthan from Raymond James reportedly highlighted the uncertainty surrounding the resolution timeframe, suggesting that it could span decades.
Finally, TD Cowen’s analyst, Gregory Williams, reportedly stated in a note to his clients that the process ahead is likely to be protracted, involving self-auditing, political disputes, and the possibility of class action and attorney general lawsuits.
As a result of the alleged questionable handling of their lead cable networks, certain telecom carriers such as Lumen Technologies are currently exposed to an increased risk of litigation, those analysts noted.
Do Lumen Technologies Shareholders Have Claims Following Lumen’ Recent Stock Price Drop?
Investor rights attorneys Alan Rosca, Paul Scarlato, and Kathryn Weidner at Rosca Scarlato are investigating potential options and evaluating potential claims for compensation and/or other redress on behalf of Lumen Technologies long-term shareholders whose share value dropped following WSJ’s reporting on Lumen Technologies’ lead cable issues. The Rosca Scarlato attorneys have decades of combined experience representing victims of corporate or financial misconduct.
If you are a Lumen Technologies investor concerned about the drop in the value of your investment, you may contact attorneys Alan Rosca, Paul Scarlato, or Kathryn Weidner to learn more about your rights and for an evaluation of your potential claims, or to provide useful information.
All consultations are free. The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, advance all case costs, and only get paid for their fees and expenses if and when they are successful, following review and approval by the Court of any fee application.
To reach attorney Alan Rosca or his colleagues, Lumen Technologies investors may call 888-998-0530, email arosca@rscounsel.law, or leave a message through the contact form on this webpage.
The general considerations on this page are for informational purposes only and do not constitute legal advice. Such legal advice can only be offered once the attorneys discuss each investor’s situation, learn of the relevant facts and can tailor any advice to that investor’s facts. The Lumen Technologies Class Action Investigation page is not affiliated with Lumen Technologies, Inc. There has not been an adjudication on the merits of any allegations referenced in this blog post, as of the date of the posting.
Contact info:
Rosca Scarlato LLC – 216-946-7070 / 888-998-0530.
Alan Rosca – arosca@rscounsel.law
Paul Scarlato – pscarlato@rscounsel.law
Kathryn Weidner – kweidner@rscounsel.law
Recent Investigations
DISCLAIMER
In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.
