The information contained on this website is only a summary of information presented in more detail in the Notice of (I) Pendency of Class Action and Proposed Settlement; (II) Settlement Fairness Hearing; and (III) Motion for Attorneys’ Fees and Litigation Expenses. Because this website provides just a summary, you should review the Notice for additional details.
In this securities class action (the “Action”), the Court-appointed Lead Plaintiff and Class Representative the State of Oregon by and through the Oregon State Treasurer and the Oregon Public Employee Retirement Board, on behalf of the Oregon Public Employee Retirement Fund, and named plaintiff and Class Representative Fernando Alberto Vildosola, as trustee for the AUFV Trust U/A/D 02/19/2009 (collectively, “Plaintiffs”) alleged that defendants CenturyLink, Glen F. Post, III, R. Stewart Ewing, Jr., David D. Cole, Karen Puckett, Dean J. Douglas, and G. Clay Bailey (collectively, “Defendants”) violated the federal securities laws by making false and misleading statements regarding CenturyLink’s business.
Plaintiffs, on behalf of themselves and the Class, have reached a proposed settlement of the Action for $55,000,000 in cash that resolves all claims in the Action (the “Settlement”). On July 20, 2021, the Court held a hearing on the Settlement and related matters. Following the hearing, the Court entered a Memorandum of Law & Order finally approving the Settlement, approving the Plan of Allocation for the proceeds of the Settlement, and awarding attorney's fees and litigation expenses to Plaintiffs’ Counsel.
The distribution motion was filed on May 20, 2022. The initial distribution occurred on September 23, 2022. Subsequent distributions will occur on a rolling basis.