According to a press release there is currently an ongoing investigation on behalf of former and current employees of Level 3 Communications (Nasdaq:LVLT ) concerning potential Employee Retirement Income Security Act (ERISA) Breach of Fiduciary Duty.

Level 3 Communications (Nasdaq:LVLT ) has been accused of securities fraud and according to a press release under ERISA employees (former and current) of Level 3 Communications (Nasdaq:LVLT ) may be eligible to file a ERISA complaint for putting stock options at risk if they can prove their employer violated its fiduciary duty to them. The Fiduciary duty refers to a companys responsibility to the people who invest in it and if an employer puts the companys interest ahead of the investors, it has broken its fiduciary duty., so the investigation. ERISA, so the press release, is a federal law that sets minimum standards for pension and health plans set up by private businesses and ERISA was designed to protect people who participate in employee benefit plans, including employees with stock options in a company.

An investor in Level 3 Communications has filed another proposed securities class action lawsuit again Level 3 and certain of the its executive officers in the United States District Court for the District of Colorado on behalf of a expanded investor group of all persons or entities who purchased or otherwise acquired the securities of Level 3 Communications, Inc. between October 24, 2006 and October 23, 2007. According to the recent complaint the plaintiff alleges similar to the other complaints filed that Level 3 Communications (NASDAQ: LVLT; Level 3) defendants knew or recklessly disregarded that their public statements concerning Level 3's business, operations and prospects were materially false and misleading, but expands the period to October 24, 2006 and October 23, 2007. On October 23, 2007, Level 3 revealed that it was having extensive difficulties integrating the systems and customer-service processes of the numerous companies it had acquired, and these difficulties were causing an increase in service activation times. Level 3 revised downward its previously issued guidance for fourth quarter 2007 and full year 2008. On this news, shares of Level 3 declined $1.04 per share, or approximately 24%, to close on October 23, 2007 at $3.28 per share, on unusually heavy trading volume.