San Diego, CA -- (ReleaseWire) -- 06/19/2013 -- An investigation on behalf of investors, who currently hold NYSE:CTL shares and continuously have held those shares since at least early 2012, was announced concerning whether certain directors and officers of CenturyLink, Inc. (NYSE:CTL) breached their fiduciary duties in connection with certain statements that were made between August 8, 2012 and February 14, 2013.
Investors who are current long term investors in CenturyLink, Inc. (NYSE:CTL) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term investors in CenturyLink, Inc. (NYSE:CTL) stocks follows a lawsuit filed earlier against CenturyLink, Inc. over alleges securities laws violations. The investigation on behalf of current long term investors in NYSE:CTL stocks concerns whether certain CenturyLink officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S.District Court for the Southern District of New York the plaintiff alleges that CenturyLink violated the Securities Exchange Act of 1934 by issuing allegedly false and/or misleading statements to investors and by failing to disclose material adverse facts concerning CenturyLink's dividend cut.
More specifically, the plaintiff alleges that CenturyLink, Inc. misled investors concerning the strength of its free cash flow, which was an important factor in the Company's ability to maintain its dividend levels.
On Feb. 13, 2013, after the market closed, CenturyLink, Inc. announced its fourth quarter and Full Year 2012 Earnings. Among other things, CenturyLink, Inc. also issued its First quarter 2013 and Full Year 2013 guidance. CenturyLink, Inc also announced a new capital allocation initiative, under which CenturyLink, Inc authorized the repurchase of up to $2.0 billion of its outstanding common stock. At the same time CenturyLink, Inc announced a plan to reduce the Company’s quarterly cash dividend rate from $0.725 to $0.54 per share.
Shares of CenturyLink, Inc. dropped from as high as $41.69 per share on Feb. 13, 2013, to $32.12 per share on Feb. 14, 2013.
On June 17, 2013, NYSE:CTL shares closed at $35.99 per share.
Those who purchased shares of CenturyLink, Inc. (NYSE:CTL), have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego