NEW YORK, Feb.10, 2017
/PRNewswire/ -- WeissLaw LLP announced that a class action was
commenced in the United States District Court for the District of
Colorado on behalf of shareholders
of Level 3 Communications, Inc. (NYSE:LVLT) ("Level 3")
seeking to pursue remedies under the Securities and Exchange Act of
1934 (the "Exchange Act") in connection with the proposed
acquisition of Level 3 by CenturyLink, Inc. ("CenturyLink").
On October 31, 2016, Level 3 and
CenturyLink announced that they had entered into a definitive
agreement pursuant to which CenturyLink will acquire all
outstanding shares of Level 3 in a cash and stock transaction
valued at approximately $34 billion
(the "Proposed Transaction"). Under the terms of the
agreement, Level 3 shareholders will receive $26.50 in cash and 1.4286 shares of CenturyLink
stock for each Level 3 share they own. The complaint seeks
injunctive relief on behalf of the named plaintiff and all Level 3
shareholders. The plaintiff is represented by WeissLaw, which has
extensive expertise in prosecuting investor class actions.
The complaint alleges that in an attempt to secure shareholder
approval for the merger, the defendants filed a materially false
and/or misleading Proxy Statement with the SEC in violation of the
Exchange Act. The omitted and/or misrepresented information is
believed to be material to Level 3 shareholders' ability to make an
informed decision whether to approve the Proposed Transaction.
If you wish to serve as lead plaintiff, you must move the Court
no later than sixty days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff's counsel, Joshua M. Rubin of WeissLaw at
888.593.4771, or by e-mail at
stockinfo@weisslawllp.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.
WeissLaw LLP has litigated hundreds of stockholder class and
derivative actions for violations of corporate and fiduciary
duties. We have recovered over a billion dollars for defrauded
clients and obtained important corporate governance relief in many
of these cases. If you have information or would like legal advice
concerning possible corporate wrongdoing please email us at
stockinfo@weisslawllp.com.
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SOURCE WeissLaw LLP