A securities class action has been filed against Lumen Technologies, Inc. (LUMN) on behalf of all persons or entities who purchased or otherwise acquired Lumen common stock between September 14, 2020 through February 7, 2023.  This case has been filed in the USDC – W.D. LA.

After the market closed on February 7, 2023, Lumen Technologies announced results for the fourth quarter ended December 31, 2022, including that free cash flow was $126 million in the fourth quarter 2022, compared to $776 million in the fourth quarter 2021. Lumen Technologies also announced the Company expected to generate between $0 million and $200 million in free cash flow for the full year 2023. Additionally, the Company disclosed that in the fourth quarter of 2022 the company recorded an aggregate $3.271 billion non-cash goodwill impairment, primarily in its North America business reporting unit.

Following this news, Lumen Technologies’ stock price fell more than 20% to close at $3.95 per share on February 8, 2023.