NEW YORK, June 5, 2013 (GLOBE NEWSWIRE) -- Scott+Scott, Attorneys at Law, LLP filed a class action complaint against CenturyLink, Inc. ("CenturyLink" or the "Company") in the United States District Court for the Southern District of New York. The securities class action, which seeks remedies under the Securities Exchange Act of 1934, was filed on behalf of those persons and entities who purchased or otherwise acquired CenturyLink securities (NYSE:CTL) between August 8, 2012 and February 14, 2013, inclusive (the "Class Period").
Investors who purchased CenturyLink common stock during the Class Period and wish to serve as a lead plaintiff in the class action must move the Court no later than August 5, 2013. Members of the investor class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member in the lawsuit. If you wish to view the class action complaint, discuss the CenturyLink lawsuit, or have questions concerning this notice or your rights, please contact Scott+Scott (email@example.com, (800) 404-7770, (860) 537-5537) or visit the Scott+Scott website for more information: http://www.scott-scott.com.
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Based in Monroe, Louisiana, CenturyLink, a Louisiana corporation, is the third-largest telecommunications company in the United States. CenturyLink provides communications and data services to residential, business, governmental, and wholesale customers.
The securities class action charges that, throughout the Class Period, CenturyLink made false and/or misleading statements to investors and failed to disclose material adverse facts concerning CenturyLink's dividend cut.
Specifically, the complaint alleges that CenturyLink misled investors concerning the strength of its free cash flow, which was an important factor in the Company's ability to maintain its dividend levels. These false and misleading statements artificially inflated, maintained, and increased the price of CenturyLink's common stock, which traded as high as $42.99 during the Class Period.
On February 13, 2013, CenturyLink shocked investors when it issued a press release announcing that that it was immediately slashing its dividend by over 25%, from 72.5¢ to 54¢ per share. At the same time, CenturyLink announced authorization to repurchase up to $2.0 billion of the Company's outstanding common stock. In response to this news, the price of CenturyLink common stock plummeted over 22% – to $32.27 per share on February 14, 2013, resulting in millions of dollars in damages to CenturyLink shareholders.
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide.