Denver-based Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the District of Colorado on behalf of investors of Level 3 Communications, Inc. ("Level 3" or the "Company") (Nasdaq:LVLT) who purchased the Company's common stock between February 8, 2007, and October 23, 2007, inclusive (the "Class Period"). The complaint charges Level 3 and certain of its senior officers with violations of the federal securities laws.
If you wish to serve as a lead plaintiff, you must move the Court no later than April 6, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq., at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that, during the Class Period, defendants made false and misleading statements to the market about the Company's business, operations and earnings prospects. For example, defendants failed to disclose that: (a) the Company was experiencing problems integrating its numerous acquisitions; and (b) the Company's integration problems caused Level 3 to experience severe provisioning problems which were negatively impacting revenue growth. As a result of defendants' false statements, Level 3 stock traded at artificially inflated prices and Company insiders collectively realized more than $3.5 million in proceeds from the sale of their personally-held Level 3 stock.
On October 23, 2007, Level 3 issued a press release announcing its financial results for the third quarter of 2007, the period ending September 30, 2007. The Company reported that its core communications services revenue was negatively impacted by provisioning issues. On this news, Level 3's stock price dropped to close at $3.18 per share on October 24, 2007, on extremely heavy trading volume.
Plaintiff seeks to recover damages on behalf of purchasers of Level 3 common stock during the Class Period. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.