NEW YORK, March 1, 2023 /PRNewswire/ -- Levi & Korsinsky notifies investors that it has commenced an investigation of Lumen Technologies, Inc. ("Lumen Technologies" or the "Company") (NYSE: LUMN) concerning possible violations of federal securities laws.
After the market closed on February 7, 2023, Lumen Technologies announced results for the fourth quarter ended December 31, 2022, including that free cash flow was $126 million in the fourth quarter 2022, compared to $776 million in the fourth quarter 2021. Lumen Technologies also announced the Company expected to generate between $0 million and $200 million in free cash flow for the full year 2023. Additionally, the Company disclosed that in the fourth quarter of 2022 the company recorded an aggregate $3.271 billion non-cash goodwill impairment, primarily in its North America business reporting unit.
Following this news, Lumen Technologies' stock price fell more than 20% to close at $3.95 per share on February 8, 2023. To obtain additional information, go to:
https://www.zlk.com/pslra-1/lumen-technologies-inc-lawsuit-submission-form
or contact Joseph E. Levi, Esq. either via email at [email protected] or by telephone at (212) 363-7500.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
SOURCE Levi & Korsinsky, LLP
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