NYSE:CTL Investor Alert: Lawsuit against CenturyLink, Inc. alleges Misleading Statements
The Shareholders Foundation announces that an investor, who purchased shares of CenturyLink, Inc. (NYSE:CTL), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged securities laws violations by CenturyLink, Inc. in connection with certain allegedly false and misleading statements that were made between August 8, 2012 and February 14, 2013.
Monroe, LA based CenturyLink, Inc. is an integrated communications company.
Investors who purchased shares of CenturyLink, Inc. (NYSE:CTL) have certain options and for certain investors are short and strict deadlines running. Deadline: August 5, 2013. NYSE:CTL investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
According to the complaint the plaintiff alleges on on behalf of those persons and entities who purchased or otherwise acquired CenturyLink, Inc. securities between August 8, 2012 and February 14, 2013, that CenturyLink and certain of its officers violated the Securities Exchange Act of 1934 by issuing allegedly false and/or misleading statements to investors and by failing to disclose material adverse facts concerning CenturyLink's dividend cut.
More specifically, the plaintiff alleges that CenturyLink, Inc. 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.
On Feb. 13, 2013, after the market closed, CenturyLink, Inc. announced its fourth quarter and Full Year 2012 Earnings. Among other things, CenturyLink, Inc. also issued its First quarter 2013 and Full Year 2013 guidance. CenturyLink, Inc also announced a new capital allocation initiative, under which CenturyLink, Inc authorized the repurchase of up to $2.0 billion of its outstanding common stock. At the same time CenturyLink, Inc announced a plan to reduce the Company’s quarterly cash dividend rate from $0.725 to $0.54 per share.
Shares of CenturyLink, Inc. dropped from as high as $41.69 per share on Feb. 13, 2013, to $32.12 per share on Feb. 14, 2013.
On June 14, 2013, NYSE:CTL shares closed at $36.04 per share.
Those who purchased shares of CenturyLink, Inc. have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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