Level 3 Communications, Inc. Securities Litigation
On or around 05/06/2019 (Date of order of final judgment)
Filing Date: January 17, 2017
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. On March 28, 2018, the parties entered into a Stipulation of Settlement. The Court issued an Order on May 6, 2019, dismissing the case.
Company & Securities Information
Defendant: Level 3 Communications, Inc.
Industry: Communications Equipment
Headquarters: United States
Ticker Symbol: LVLT
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.
First Identified Complaint
James Amedee, et al. v. Level 3 Communications, Inc., et al.