Starting on February 9, 2022, Lumen Technologies, Inc. ("Lumen") began to admit that its expansion into SMB and residential fiber services was occurring slower than previously represented. Following this news, Lumen’s stock price declined $1.99, from a close of $12.82 per share on February 9, 2022, to a close of $10.83 on February 10, 2022.

Then, on November 2, 2022, Lumen’s Chief Executive Officer admitted, “we are not yet at the pace of build we expect or want” with respect to Lumen’s development of its Quantum Fiber brand. Following this news, Lumen’s stock price declined $1.25, from a close of $7.05 per share on November 2, 2022, to a close of $5.80 on November 3, 2022.

Finally, on February 7, 2023, the defendants admitted that they had pressed “more of a stop button than a pause button” on Lumen’s investment into the Quantum Fiber network and expansion into the SMB and residential markets while the company re-evaluated its strategic priorities. Following this news, Lumen’s stock price declined $1.04, from a close of $4.99 per share on February 7, 2023, to a close of $3.95 on February 8, 2023.

Investors who purchased or acquired Lumen securities between September 14, 2020 and February 7, 2023, may no later than May 2, 2023, seek to be appointed as a lead plaintiff representative of the class.