According to the law firm press release, CenturyLink, Inc. provides various communications services to residential, business, wholesale, and governmental customers in the United States. It operates through two segments, Business and Consumer. The Company offers broadband, Ethernet, colocation, video entertainment and satellite digital television services.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) CenturyLink’s policies allowed its employees to add services or lines to accounts without customer permission, resulting in millions of dollars in unauthorized charges to CenturyLink customers; (ii) accordingly, the Company’s revenues were the product of illicit conduct and unsustainable; (iii) the foregoing illicit conduct was likely to subject CenturyLink to heightened regulatory scrutiny; and (iv) as a result of the foregoing, CenturyLink’s public statements were materially false and misleading at all relevant times.
On August 23, 2017, this case was transferred to the Western District of Louisiana and docketed under 3:17-cv-01065. On October 19, the transferred case was consolidated into lead case 17-CV-01005.
Lead Plaintiff and Counsel were appointed on October 20, 2017.
On February 1, 2018, this case was transferred to the District of Minnesota and docketed under 18-CV-00298. On April 20, the Court issued an Order granting Lead Plaintiff's Motion to consolidate cases. On May 15, the Court issued an Order consolidating cases under Docket 18-CV-00296. Lead Plaintiff filed a consolidated Complaint on June 25. Defendants filed a Motion to Dismiss the consolidated Complaint on September 11. On July 30, 2019, the Court issued an Order denying Defendants' Motion to Dismiss.
Plaintiffs filed a Motion for Class Certification on January 21, 2020. On September 14, the Court issued an Order granting Plaintiffs' Motion for Class Certification. The parties entered into a Stipulation and Agreement of Settlement on January 29, 2021. The Court granted preliminary approval of the Settlement on March 18.