CenturyLink CEO Illegally Sold $4.3M In Shares, Suit Says

Law360, Los Angeles (June 5, 2013, 8:04 PM EDT) -- CenturyLink Inc. was hit Wednesday in New York federal court with a securities class action alleging that the telecommunications company artificially inflated its stock prices and that its president dumped $4.3 million in shares before CenturyLink slashed its quarterly dividend by 25 percent.

The complaint claims that CenturyLink stockholders — save President/CEO Glen F. Post III and Executive Video President and Chief Financial Officer R. Stewart Ewing Jr. — were misled about the company's financial well-being between August 2012 and February 2013.

During that period, the...
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