Lumen Investors Granted a Second Shot at Securities Fraud Claim

The Fifth Circuit breathed new life into a shareholder class action suit against Lumen Technologies Inc., ruling that investors can file a revised lawsuit after a prior effort was thrown out.

A lower court judge exceeded his discretion when he didn’t analyze the case sufficiently to dismiss the case permanently, said Judge Jerry E. Smith for a three-judge panel of the US Court of Appeals for the Fifth Circuit Friday. The appellate court revised dismissal with prejudice to a dismissal without, allowing the plaintiffs to revise their complaint and file it again.

Class action plaintiffs John McLemore and Christine ...