NEW YORK, April 25, 2001 (PRIMEZONE) -- Shalov Stone & Bonner (www.lawssb.com), the law firm representing investors in class actions against Winstar Communications Inc. (Nasdaq:WCIEQ) and (Nasdaq:WCII), issued the following announcement in response to Winstar's recent bankruptcy filing: Although Winstar has filed for bankruptcy, Shalov Stone & Bonner intends to continue prosecuting the class actions against the non-bankrupt defendants. The bankruptcy may slow down the lawsuit, but it is not the end of it. Investors are encouraged to contact our firm to learn more about the lawsuit and how to participate in it, by visiting the firm's Website at www.lawssb.com
Shalov Stone & Bonner conducted the investigation leading to the filing of the Winstar class action and it was the first law firm to take action in these cases. The firm is frequently retained by investors to conduct investigations and initiate actions involving allegations of corporate fraud. The members of the firm possess significant experience and expertise conducting investigations and legal actions of this nature. The firm's experience and accomplishments are discussed on its Website -- www.lawssb.com
If you would like to participate in the Winstar class action or would like additional information about the lawsuit, please visit the firm's Website at www.lawssb.com
The complaint against Winstar alleges that the defendants made material misrepresentations and omissions of material facts concerning the company's business performance during the relevant time. According to the complaint, in April 2001, contrary to prior representations about Winstar's financial condition and growth, Winstar announced that it was halting its expansion and laying off thousands of employees. Winstar filed for bankruptcy two weeks later. The lawsuit is on behalf of investors who purchased Winstar securities in the period from June 2000 to April 2, 2001.
You may contact the firm by mail or email. Shalov Stone & Bonner (Mark J. Nemetz, Law Clerk), 276 Fifth Avenue, Suite 704, New York, New York 10001, email: mark@lawssb.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.