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Shareholders Sue Level3 Over Stock Losses

Law360 (February 13, 2009, 12:00 AM EST) -- Shareholders in Level3 Communications Inc. have filed a putative class action alleging the company did not tell investors it was having trouble integrating several companies acquired over the course of three years — a move that resulted in steep stock losses after it came to light.

According to the lawsuit, filed Thursday in the U.S. District Court for the District of Colorado, Level3 acquired six smaller telecommunications firms – WilTel Communication, Progress Telecom LLC, ICG Communications Inc., TelCove Inc., Looking Glass Networks Holding Co. Inc. and...
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