Case Page

 

Case Status:    DISMISSED    
On or around 06/15/2015 (Court's order of dismissal)

Filing Date: June 05, 2013

According to the law firm press release, 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 Class Period.

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.

COMPANY INFORMATION:

Sector:
Industry:
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: CTL
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 13-CV-03839
JUDGE: Hon. Analisa Torres
DATE FILED: 06/05/2013
CLASS PERIOD START: 08/08/2012
CLASS PERIOD END: 02/14/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
  2. Zeldes Haeggquist & Eck, LLP
    625 Broadway, Suite 1000, Zeldes Haeggquist & Eck, LLP, CA 92101
    619.378.0442 619.342.7878 ·
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