CenturyLink Inc. (NYSE:CTL) shares steadied in pre-market trading today after big falls yesterday on news the telecommunications firm is being sued by the state of Minnesota over its billing practices.
The NYSE-listed firm – which is in the midst of a US$34bn merger with Level 3 Communications Inc. - is already facing a US$12bn class action lawsuit alleging that consumers were hit by charges for costly unwanted services.
Yesterday, the state attorney general of Minnesota also filed a suit accusing CenturyLink of consumer fraud and deceptive trade practices.
It alleged that "CenturyLink has regularly misquoted the price of its internet and television services to Minnesota consumers.”
In a statement, Minnesota’s attorney general, Lori Swanson said: "Shopping for internet and cable TV service isn't easy if companies don't give straight answers about the prices they will charge."
In pre-market trading today, CenturyLink shares edged up 0.1% to US$22.52 having shed over 3% yesterday.
In the regular session shares put on 1.24% to $22.78.