A lawsuit was filed on behalf of investors in CenturyLink, Inc. (NYSE: CTL) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 03/18/2019 -- The Shareholders Foundation announces that an investor, who purchased shares of CenturyLink, Inc. (NYSE: CTL), filed a lawsuit over alleged violations of Federal Securities Laws by CenturyLink, Inc. in connection with certain allegedly false and misleading statements.
Investors who purchased a significant amount of shares of CenturyLink, Inc. (NYSE: CTL) have certain options and for certain investors are short and strict deadlines running. Deadline: May 6, 2019. NYSE: CTL investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On March 4, 2019, CenturyLink, Inc asked the Securities and Exchange Commission to extend the deadline for filing its 2018 annual report. CenturyLink stated that the reason for the delay in filing was due to a "material weakness" it found in internal controls linked to recording revenue at Colorado-based Level 3 Communications, which it purchased for around $34 billion in 2017. CenturyLink also stated that there were problems with measuring the fair value of assets and liabilities.
The plaintiff claims that between May 10, 2018 and March 4, 2019, the defendants made false and/or misleading statements and/or failed to disclose that CenturyLink had undisclosed material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications, Inc. acquisition, that consequently, CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite initially reporting those financial results in a press release dated February 13, 2019, and that as a result, CenturyLink's public statements were materially false and misleading at all relevant times.
Those who purchased shares of CenturyLink, Inc. (NYSE: CTL) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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