April 13, 2009 13:32 ET

Milberg LLP Announces Its Investigation Relating to the Level 3 Communications, Inc. 401K Plan

NEW YORK, NY--(Marketwire - April 13, 2009) - The law firm of Milberg LLP is investigating possible illegal conduct arising from facts alleged in a class action complaint filed in the United States District Court for the District of Colorado against Level 3 Communications, Inc. ("Level 3" or the "Company") (NASDAQ: LVLT) and certain fiduciaries of the Level 3 Communications, Inc. 401K Plan (the "Plan").

Specifically, Milberg is investigating whether certain fiduciaries of the Plan may have violated the Employee Retirement Income Security Act of 1974 ("ERISA"). Violations may have occurred in at least two ways: (1) by continuing to offer Level 3 common stock as a Plan investment when it was imprudent to do so, and (2) by maintaining the Plan's investment in Level 3 stock in the Plan when it was imprudent to do so.

According to the complaint filed in the District of Colorado, defendants misled Plan Participants regarding its successful integration of companies it acquired from late 2005 through early 2007. The complaint alleges the Company was having extreme difficulties in integration because of, among other things, increased service activation times and difficulties in the Company's service management processes. According to the complaint, as a result of these problems, the Company had inadequate provisioning capability to convert its signed orders into revenue generating service. Milberg is investigating whether, based on the foregoing allegations, Level 3 stock was an imprudent investment for the Plan.

If you have or had an individual account with the Level 3 Communications, Inc. 401K Plan, and your account holds or held Level 3 common stock, you may have legal claims under ERISA.

Milberg LLP has been representing individual and institutional investors for nearly 40 years and serves as lead counsel in U.S. federal and state courts. Please visit the Milberg website ( for more information about the firm. If you wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact the following attorneys:

Lori G. Feldman
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY  10119-0165
Phone number: (800) 320-5081

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