SOURCE: Brower Piven, A Professional Corporation

February 18, 2009 16:27 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Level 3 Communications, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the April 6, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - February 18, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Colorado on behalf of purchasers of the securities of Level 3 Communications, Inc. ("Level 3" or the "Company") (NASDAQ: LVLT) during the period between February 8, 2007 and October 23, 2007, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 6, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period the Company was having extensive difficulties integrating the systems and customer-service processes of the numerous companies it had acquired and that these difficulties were causing an increase in service activation times thus reducing revenue generating services. According to the complaint, on October 23, 2007, after the Company revealed the previously undisclosed information and revised downward the previously issued guidance for the fourth quarter of 2007 and full year 2008, the value of Level 3's stock declined significantly.

If you have suffered a net loss for all transactions in Level 3 Communications, Inc. securities during the Class Period (including shares or possibly calls purchased during, but retained after, the Class Period or possibly put options sold but not covered until after the Class Period), you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact