SAN DIEGO, Oct. 31, 2016 /PRNewswire/ -- Shareholder rights law firm Johnson & Weaver, LLP has launched an investigation into whether the board members of Level 3 Communications, Inc. (NYSE: LVLT ) breached their fiduciary duties in connection with the proposed sale of the Company to CenturyLink. Level 3 operates as a facilities-based provider of a range of integrated communications services. On October 31, 2016, Level 3 announced it had signed a definitive merger agreement with CenturyLink. Under terms of the agreement, Level 3 shareholders will receive $26.50 per share in cash and a fixed exchange ratio of 1.4286 shares of CenturyLink stock for each Level 3 share they own.