An example of good thinking...
OK, you lose money holding shares in a stock through a big downturn, so you figure suing the company when the stock is 1/3 what it was at the end of the period you are suing for will help you recover your losses?
oh brother...
Izard Nobel LLP Announces Class Action Lawsuit Against Level 3 Communications, Inc.
Feb 4, 2009 4:08:00 PM
HARTFORD, CT -- (MARKET WIRE) -- 02/04/09 -- The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit 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 are a member of the class, you may, no later than April 6, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/level3, or contact Izard Nobel LLP toll-free at (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.
CONTACT:
Nancy A. Kulesa or Wayne Boulton
(800) 797-5499
www.izardnobel.com
Email Contact
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