February 4 2009
- by Lucy Campbell
||Level 3 Communications Inc|
||Feb-8-07 to Oct-23-07|
|Lead Plaintiff Deadline:
||District Court of the District of Colorado |
Alawsuit seeking class action status has been filed in the United States District Court for the District of Colorado on behalf of those who purchased the common stock of Level 3 Communications, Inc. ("Level 3" or the "Company") (NASDAQ: LVLT) between February 8, 2007 and October 23, 2007, inclusive (the "Class Period").
The Complaint charges that Level 3 and certain of its officers and directors violated federal securities laws by making materially false and misleading statements. Specifically, defendants failed to disclose the following: (i) Level 3 was experiencing problems integrating its numerous acquisitions; (ii) the Company's integration problems caused Level 3 to experience severe provisioning problems which were negatively impacting revenue growth; and (iii) as a result of the foregoing, defendants lacked a reasonable basis for their positive statements about Level 3's business, operations and earnings prospects.
On October 23, 2007, Level 3 issued a press release announcing its financial results for the third quarter of 2007. The Company reported consolidated revenue of $1.061 billion. Level 3 further reported that its core communications services revenue was negatively impacted by provisioning issues. On this news, the price of Level 3 stock fell from $4.32 per share to $3.18 per share on October 24, 2007.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
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