Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against CenturyLink, Inc.

Business Wire 15-Mar-2019 9:11 PM

Law Offices of Howard G. Smith reminds investors of the May 6, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that acquired CenturyLink, Inc. ("CenturyLink" or the "Company") (NYSE: CTL) securities between May 10, 2018 and March 4, 2019, inclusive (the "Class Period"). CenturyLink investors have until May 6, 2019 to file a lead plaintiff motion.

Investors suffering losses on their CenturyLink investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On March 4, 2019, CenturyLink disclosed that it had "identified material weaknesses in internal controls over the Company's revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with the Level 3 Communications, Inc." As a result, the Company would not be able to timely file its annual report for the period ended December 31, 2018. On this news, the Company's share price fell $0.82 per share, or more than 6%, to close at $12.15 per share on March 4, 2019, thereby injuring investors.

The complaint filed in this class action alleges that defendants made false and/or misleading statements and/or failed to disclose that: (1) CenturyLink had undisclosed material weaknesses in its internal controls over revenue recording processes and the procedures for measuring fair value of assets and liabilities assumed in connection with its Level 3 Communications, Inc. acquisition; (2) consequently, CenturyLink would delay the filing of its Form 10-K for the fiscal year ended December 31, 2018 despite initially reporting those financial results in a press release dated February 13, 2019; and (3) as a result, CenturyLink's public statements were materially false and misleading at all relevant times.

If you purchased shares of CenturyLink during the Class Period, you may move the Court no later than May 6, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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