NEW YORK, March 24, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) ("Pomerantz") reminds investors of Level 3 Communications, Inc. ("Level 3" or the "Company") (Nasdaq:LVLT) that April 6, 2009 is the deadline to ask the Court to appoint you as Lead Plaintiff in the class action. Pomerantz filed a class action lawsuit in the United States District Court for the District of Colorado (1:09-cv-00296-MSK), against the Company and certain officers of the company for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. The class action was filed on behalf of purchasers of the securities of the Company between October 24, 2006 and October 23, 2007 (the "Class Period").
Level 3 engages in the communications business in North America and Europe. Its network and internet services include transport services, high speed internet protocol services, dedicated internet access, virtual private network services, collocation services, and dark fiber services. The Complaint alleges that throughout the Class Period, Defendants failed to disclose material adverse facts about the Company's business and operations.
According to the complaint, the true facts, which were known by the defendants but concealed from the investing public during the Class Period, were as follows: (1) that the Company's efforts to integrate the numerous acquired companies were not going well; (2) that, specifically, the Company was experiencing an increase in service activation times, which was negatively impacting the Company's service installation intervals and the rate of its revenue growth; (3) that the Company was also experiencing challenges in its service management processes that were resulting in longer response times to resolve customer's network service issues; (4) that steps taken by the Company to remedy the problems were not working and actually, further complicating the issues and making them worse; (5) that, as a result, the Company did not have adequate provisioning capability to convert its increasing sales, or signed orders, into revenue generating service; (6) that the Company lacked adequate internal controls; and (7) that, as a result of the above, the statements made by the Defendants during the Class Period lacked a reasonable basis.
As a result of Defendants wrongful acts and omissions, and the precipitous decline in the market value of the Company's securities, Class Members have suffered significant losses and damages.
If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Teresa L. Webb (tlwebb@pomlaw.com) of the Pomerantz Firm at 888.476.6529 (or 888.4-POMLAW), toll free. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
The Pomerantz Firm, which has offices in New York, Chicago, Washington, D.C., Columbus, Ohio and the San Francisco Bay area, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.