Telecom company CenturyLink Inc. (CTL) - Get Report is now the subject of a $12 billion class-action lawsuit seeking to create a class of litigants who were customers affected by the alleged sales incentive scheme the company was engaged in, according to a former employee.
The former employee, Heidi Heiser, sued CenturyLink last week alleging that she was fired after reporting her concerns about the company's sales culture to CEO Glen F. Post. CenturyLink customers paid millions of dollars in extra fees for accounts that they never requested, Heiser alleged.
The class-action lawsuit filed in California cites Heiser's suit as well as similar allegations made via social media.
"The fact that a law firm is trying to leverage a wrongful termination suit into a putative class action lawsuit does not change our original position," CenturyLink spokesman Mark Molzen said.
What's Hot On the TheStreet
All eyes on Apple this week: Apple's (AAPL) - Get Report stock will be on the minds of Wall Street bit more than the norm this week. Shares of the tech giant have fallen 6.9% since the Nasdaq's peak on June 8 amid a broader selloff in tech. Not helping near-term sentiment on the company are two rare analyst downgrades that have questioned how big a seller the iPhone 8 will be.
But investors shouldn't be ready to throw in the towel on Apple by any stretch of the imagination.
"When you have these sellers come in, all you have to do is wait them out -- and one of the things I learned as a hedge fund manager is that patience is a true virtue," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on Apple's recent slide.
After the deal was announced on Friday, U.S. Rep. Ro Khanna (D-Calif.) urged the U.S. Department of Justice to conduct a review on the merger's legality and possible harm to the economy.
"I am concerned about what this deal means for suppliers and neighborhood grocery stores," Khanna said in a statement. "The Justice Department and FTC must undertake a review that considers not just the merger's impact on prices, but also the impact on jobs and wages. We need to reorient antitrust policy to factor in the harm that economic concentration causes for American workers."
Meanwhile, Whole Foods shares are trading above Amazon's offer price as to suggest a bidding war may ensue.