Shareholder Alert: Scott+Scott, Attorneys at Law, LLP Files Class Action
Lawsuit Against CenturyLink, Inc. on Behalf of Investors -- CTL
NEW YORK, June 5, 2013 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP
filed a class action complaint against CenturyLink, Inc. ("CenturyLink" or the
"Company") in the United States District Court for the Southern District of
New York. The securities class action, which seeks remedies under the
Securities Exchange Act of 1934, was filed on behalf of those persons and
entities who purchased or otherwise acquired CenturyLink securities (NYSE:CTL)
between August 8, 2012 and February 14, 2013, inclusive (the "Class Period").
Investors who purchased CenturyLink common stock during the Class Period and
wish to serve as a lead plaintiff in the class action must move the Court no
later than August 5, 2013. Members of the investor class may move the Court to
serve as lead plaintiff through counsel of their choice, or may choose to do
nothing and remain an absent class member in the lawsuit. If you wish to view
the class action complaint, discuss the CenturyLink lawsuit, or have questions
concerning this notice or your rights, please contact Scott+Scott
(firstname.lastname@example.org, (800) 404-7770, (860) 537-5537) or visit the
Scott+Scott website for more information: http://www.scott-scott.com.
There is no cost or fee to you.
Based in Monroe, Louisiana, CenturyLink, a Louisiana corporation, is the
third-largest telecommunications company in the United States. CenturyLink
provides communications and data services to residential, business,
governmental, and wholesale customers.
The securities class action charges that, throughout the Class Period,
CenturyLink made false and/or misleading statements to investors and failed to
disclose material adverse facts concerning CenturyLink's dividend cut.
Specifically, the complaint alleges that CenturyLink misled investors
concerning the strength of its free cash flow, which was an important factor
in the Company's ability to maintain its dividend levels. These false and
misleading statements artificially inflated, maintained, and increased the
price of CenturyLink's common stock, which traded as high as $42.99 during the
On February 13, 2013, CenturyLink shocked investors when it issued a press
release announcing that that it was immediately slashing its dividend by over
25%, from 72.5¢ to 54¢ per share. At the same time, CenturyLink announced
authorization to repurchase up to $2.0 billion of the Company's outstanding
common stock. In response to this news, the price of CenturyLink common stock
plummeted over 22% – to $32.27 per share on February 14, 2013, resulting in
millions of dollars in damages to CenturyLink shareholders.
Scott+Scott has significant experience in prosecuting major securities,
antitrust, and employee retirement plan actions throughout the United States.
The firm represents pension funds, foundations, individuals, and other
CONTACT: Michael Burnett
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