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Level 3 Communications Inc (NASDAQ: LVLT) Investor Securities Class Action Lawsuit 02/02/2009

  • If you purchased shares of Level 3 Communications Inc (NASDAQ: LVLT), you might have certain options and should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Case Dismissed
Company
Level 3 Communications, Inc.
Security
NASDAQ: LVLT

Case Name
Level 3 Communications Shareholder Class Action Lawsuit 02/02/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Colorado

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

February 6, 2012 - The U.S. Court of Appeals for the Tenth Circuit affirmed the judgement.
January 14, 2011 - The lead plaintiffs filed a notice of appeal.

December 10, 2010 - The court granted defendants' motion to dismiss and dismissed the case with prejudice.

April 12, 2010 - Defendants filed a motion to dismiss.

March 23, 2010 - The lead plaintiff filed an amended complaint.

March 23, 2010 - The court denied defendants' motion to dismiss.

July 29, 2009 - Defendants filed a motion to dismiss.

June 29, 2009 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Level 3 Communications Inc (NASDAQ: LVLT) common shares between October 17, 2006 and October 23, 2007. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between October 17, 2006 and October 23, 2007.

May 4, 2009 - Lead plaintiff and lead counsel were appointed.

April 7, 2009 - Another lead plaintiff motion was filed.

April 6, 2009 - Lead plaintiff motions were filed.

March 24, 2009 - Another investor filed another complaint.

March 19, 2009 - Another investor filed another complaint.

February 24, 2009 - Cases were consolidated.

February 12, 2009 - Another investor filed another complaint.

February 3, 2009 - Another investor filed another complaint.

February 2, 2009 - An investor in shares of Level 3 Communications Inc (NASDAQ: LVLT) filed a lawsuit in the U.S. District Court for the District of Colorado on behalf of purchasers of Level 3 Communications Inc (NASDAQ: LVLT) common stock between February 8, 2007 and October 23, 2007 over alleged violations of Federal Securities Laws by Level 3 Communications Inc.

According to the complaint the plaintiff alleges that Level 3 Communications Inc (NASDAQ: LVLT) and certain of its officers and directors violated the Securities Exchange Act of 1934. The complaint alleges that the representations contained in Level 3 Communications Inc's press releases, SEC filings, conference calls, and presentations between February 8, 2007 and October 23, 2007 were materially false and misleading.

Specifically, so the complaint, on October 23, 2007, Level 3 Communications Inc issued a press release announcing its financial results for the third quarter of 2007, the period ending September 30, 2007, and reported for the quarter a consolidated revenue of $1.061 billion. Level 3 Communications Inc further reported that its core communications services revenue was negatively impacted by provisioning issues. In response to the announcements, so the lawsuit, the price of Level 3 Communications Inc stock (NASDAQ: LVLT) declined from $4.32 per share to $3.18 per share on October 24, 2007, on extremely heavy trading volume.