Lumen Technologies, Inc. (LUMN) Failed to Disclose it Owned Thousands of Miles of Lead Wrapped Cables in the United States
A shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Lumen Technologies, Inc. (NYSE: LUMN) securities between March 11, 2019 and July 14, 2023. Lumen is a telecommunications and technology company that provides various integrated products and services to businesses and residential customers in the U.S. and internationally.
According to the complaint, defendants failed to disclose that Lumen owned and/or still owns thousands of miles of cables wrapped in lead, a known neurotoxin, within the U.S, which harmed and posed the risk of further harming the environment, exposed Company employees, and the general public, thereby posing a significant public health risk and environmental pollution risk. Lumen was on notice about the damage and risks presented by these lead-covered cables but did not disclose them as a potential threat to everyday people and communities, and failed to provide adequate lead training to employees. These actions subjected the Company to a heightened risk of governmental and regulatory oversight and enforcement action, as well as legal and reputational harm.
Beginning on July 9, 2023, media reports revealed that lead-covered cables were degrading and leaching into soil and groundwater, posing a significant public health risk. Certain articles named Lumen specifically as owning lead-covered cables previously owned by Ma Bell, as well as evidence suggesting that Lumen’s workers still faced exposure to lead in the modern era. On this news, the price of Lumen’s stock fell, harming investors.
What Now: Similarly situated shareholders may be eligible to participate in the class action against Lumen Technologies, Inc. Shareholders who want to act as lead plaintiff for the class must file their motion for lead plaintiff by November 14, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
