According to the Complaint, throughout the Class Period, Lumen Technologies, Inc.'s service offerings included providing fiber infrastructure delivering high-bandwidth telecommunication services, primarily under the Quantum Fiber and Lumen brands.

The Complaint alleges that Lumen made materially false and/or misleading statements and/or failed to disclose that: (i) various headwinds were impeding the Company's ability to invest in and grow its Quantum Fiber brand; (ii) Lumen's Quantum Fiber business was not progressing as was represented to the investing public; (iii) Lumen's management was reassessing its strategic priorities and had placed a hold on the plans to quickly scale up the Quantum Fiber brand; and (iv) as a result of Lumen's decision to delay expansion of Quantum Fiber, the Company's results and metrics were negatively impacted and the scaling up of Quantum Fiber would not occur until, at the earliest, the end of 2023.

On May 24, 2023, the Court issued an Order appointing Co-Lead Plaintiffs and Co-Lead Counsel. Lead Plaintiffs filed an amended Complaint on August 7. Defendants filed a Motion to Dismiss the amended Complaint on October 13.

On September 30, 2024, the Magistrate Judge issued a report and recommendation to dismiss the case. The Court reviewed the report as well as written objections and a response to the written objections. On October 30, 2024, the Court issued an Order granting Defendants' Motion to Dismiss and dismissed the case with prejudice. Lead Plaintiffs filed a notice appealing the Court's Dismissal Order on November 29. The appellant dismissed the appeal on December 20.