CenturyLink Announces Notice of Pendency and Proposed Settlement of 2018 Derivative Actions, and Settlement Hearing

MONROE, La., Nov. 08, 2023 (GLOBE NEWSWIRE) -- CenturyLink has released the following notice:

UNITED STATES DISTRICT COURT
DISTRICT OF MINNESOTA

SUMMARY NOTICE OF PENDENCY AND PROPOSED SETTLEMENT OF DERIVATIVE ACTIONS, AND SETTLEMENT HEARING

TO:        ALL SHAREHOLDERS OF CENTURYLINK, INC.¹

PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY. YOUR RIGHTS WILL BE AFFECTED BY THE LEGAL PROCEEDINGS IN THE ABOVE-CAPTIONED ACTIONS.

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23.1 of the Federal Rules of Civil Procedure and the Preliminary Approval Order of the United States District Court for the District of Minnesota (the “Federal Court”), of the pendency of the above-captioned 2018 shareholder derivative actions (the “Federal Derivative Actions”), which were brought by Lead Plaintiff Timothy Ault, and plaintiffs Michael Barbree, Glen Walker, Sona Andresian, Jr., Neil TS Flanders, Inter-Marketing Group USA, Inc., Dennis Palkon, and Edward Tansey on behalf of and for the benefit of CenturyLink, Inc. (“CenturyLink”).

YOU ARE ALSO NOTIFIED that, as provided in a Stipulation and Agreement of Settlement, dated as of June 21, 2023 (the “Stipulation”), Settling Shareholders and Defendants have reached a proposed settlement (the “Settlement”) of the Federal Derivative Actions, State Derivative Actions, and Choi Demand, subject to Federal Court approval. Pursuant to the Stipulation, as consideration for the Settlement, the Individual Defendants shall make or cause their insurer(s) to make a monetary payment of $2 million to CenturyLink, and CenturyLink shall implement the corporate governance reforms set forth in Exhibit A to the Stipulation.²

Additional information concerning the Settlement terms, as well as a description of the history of the Actions and an explanation of shareholders’ legal rights with respect to the Settlement, is provided in the full printed Notice of Pendency of Derivative Actions, Proposed Settlement of the Actions, and Settlement Hearing to CenturyLink shareholders (the “Notice”). A copy of the Notice and Stipulation, including Exhibits, is available at https://news.lumen.com/centurylinkderivativesettlement or by contacting counsel listed below.

A hearing will be held by the Federal Court. The hearing shall be held via Video Conference (no courtroom), on January 16, 2024 at 11:00 a.m. (the “Settlement Hearing”).

At the Settlement Hearing, the Federal Court will be asked to: (a) determine whether the Stipulation, and the terms and conditions of the Settlement set forth in the Stipulation, are fair, reasonable, and adequate and should be approved by the Federal Court; (b) determine whether an Order and Final Judgment should be entered dismissing the Federal Derivative Actions with prejudice, including as against Defendants, releasing the Released Claims against the respective Releasees, and barring and enjoining prosecution of any and all Released Claims against any and all respective Releasees; (c) hear and determine any objections to the Settlement; (d) consider Lead Counsel’s petition for an award of attorneys’ fees and expenses in connection with the Actions (the “Fee and Expense Amount”) and any petition for Service Awards to the Derivative Plaintiffs; and (e) rule on other such matters as the Federal Court may deem appropriate.

Any objections to the proposed Settlement or the Fee and Expense Amount must be filed with the Clerk’s Office of the Federal Court and delivered to counsel for Lead Plaintiff and Defendants such that they are received no later than twenty (20) calendar days before the Settlement Hearing, in accordance with the instructions set forth in the Notice.

Please Note: Because the Federal Derivative Actions were brought as derivative actions, which means that they were brought on behalf of and for the benefit of CenturyLink, the benefits from the Settlement will go to CenturyLink. Individual CenturyLink shareholders will not receive any direct payment from the Settlement. Also, please note that there is no proof of claim form for shareholders to submit in connection with this Settlement, and shareholders are not required to take any action in response to this notice.

DO NOT CALL OR WRITE THE FEDERAL COURT OR THE CLERK’S OFFICE OF THE FEDERAL COURT, REGARDING THIS NOTICE.

All questions regarding this notice and the Settlement should be made to the following counsel for Lead Plaintiff:

Bragar Eagel & Squire, P.C.
Attn: Lawrence P. Eagel, Esq.
810 Seventh Avenue, Suite 620
New York, New York 10019:

BY ORDER OF THE COURT

¹ CenturyLink, Inc. changed its legal name to “Lumen Technologies, Inc.” on January 22, 2021.
² All capitalized terms herein have the same meanings as set forth in the Stipulation.