According to a press report, the Complaint alleges the shareholders claim that the company violated federal securities laws when it did not perform a market check or contact other interested parties before accepting the October cash and stock offer from CenturyLink. It also failed to include management projections and valuation documents that the company relied on when it accepted the offer.

On February 9, 2017, the Parties reached an agreement-in-principle on the structure of a settlement of the Action, which was set forth in a Memorandum of Understanding (the “MOU”) dated February 9, 2017. Pursuant to the MOU, Defendants agreed that Level 3 would disclose certain additional information concerning the Merger (the “Supplemental Disclosures”) to Level 3 shareholders in advance of the shareholder vote.