mail@shareholdersfoundation.com
At least four investors in Level 3 Communications have filed lawsuits against Level 3 over alleges Securities Laws violations. Recently an investor in Level 3 Communications has filed another proposed securities class action lawsuit again Level 3 on behalf of an 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.
If you purchased or otherwise acquired the securities of Level 3 Communications, Inc. between October 24, 2006 and October 23, 2007 you have certain options and there are strict and short deadlines running. (April 03, 2009). You should contact the Shareholders Foundation, Inc. immediately!
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
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. According to the complaint the defendants' public statements were false and misleading or failed to disclose or indicate that, Level 3’s efforts to integrate the numerous acquired companies were not going well, Level 3 was experiencing an increase in service activation times, which was negatively impacting the its service installation intervals and rate of revenue growth, Level 3was also experiencing challenges in its service management processes that were resulting in longer response times to resolve customers' network service issues, steps taken by Level 3 to remedy the problems were not working, and actually were further complicating the issues and making them worse, as a result of the above, Level 3 did not have adequate provisioning capability to convert its increasing sales, or signed orders, into revenue generating service, Level 3 lacked adequate internal controls; and, as a result of the above, the statements made by Level 3 and management during the Class Period lacked a reasonable basis. 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. Currently Level 3 stock is traded at about $0.88 per share. Last year the shares traded as high as $4.15 per share, in 2007 LVLT shares were as high as $6.55, and Level 3’s all time high was in March 2000 with over $130 per share. Level 3 Communications, through its operating subsidiaries, is primarily engaged in the communications business. Level 3 is a facilities-based provider of a range of integrated communications services. Level 3 is based in Broomfield, Colorado and had a total revenue of $4.3billion in 2008.
If you purchased or otherwise acquired the securities of Level 3 Communications, Inc. between October 24, 2006 and October 23, 2007 you have certain options and there are strict and short deadlines running. (April 03, 2009). You should contact the Shareholders Foundation, Inc. immediately!
Email: mail@shareholdersfoundation.com
Or call us at: +1 (858) 779 - 1554
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-
Fax:+1-(858)-
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
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