SAN FRANCISCO, Nov. 22, 2002 (PRIMEZONE) -- The notice concerning the shareholder suit against Asia Global Crossing Ltd. issued on October 7, 2002 misstated the Class Period. The press release gave the Class Period as October 6, 2001 through January 28, 2002. The press release should have identified the Class Period as October 6, 2000 through January 28, 2002. The corrected notice reads as follows:
Notice is hereby given that Green & Jigarjian LLP filed a class action lawsuit entitled, Pettit v. Winnick, et al., Case No. CV-02-7801 AHM (VBKx) in United States District Court for the Central District of California, Western Division (Los Angeles) on behalf of investors in the publicly traded common stock of Asia Global Crossing Ltd. (ASGXF).
A copy of the Complaint is available from the court or from Green & Jigarjian LLP.
The Complaint alleges that the managers of Asia Global Crossing Ltd. and Global Crossing Ltd. hid the declining financial conditions of both of the jointly managed companies from Asia Global Crossing's investors. The Complaint alleges that defendants falsely represented to the investing public that Global Crossing would be able to provide its subsidiary Asia Global Crossing with a $400 million dollar line of credit, and that the value of Asia Global's hard assets -- primarily composed of its cable lines and transmission equipment -- had not been significantly affected by the worldwide glut of fiberoptic capacity.
The action is brought on behalf of a Class of all persons who purchased Asia Global Crossing, Ltd. stock between October 6, 2000 and January 28, 2002. Excluded from the Class are Global Crossing Ltd.; Hutchison Whampoa Ltd.; Singapore Technologies Telemedia; the Individual Defendants and members of their immediate families; any entities in which the excluded parties have controlling interests; and the legal representatives, heirs, successors or assigns of any of the excluded parties.
Please direct your inquiries concerning the Asia Global action to Robert S. Green or Robert A. Jigarjian by telephoning (415) 477-6700 or emailing gj@classcounsel.com.
Pursuant to the requirements established by the Private Securities Litigation Reform Act of 1995, members of the Class are advised that any member of the Class may move the court to serve as lead plaintiff in the case within 60 days of publication of this notice.
The attorneys of Green & Jigarjian LLP have extensive nationwide experience in prosecuting complex cases involving securities fraud, breach of fiduciary duty by company management and other violations of the rights of investors. To visit our website for more information, please go to http://www.classcounsel.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca