Kaplan Fox Seeks to Recover Losses For Investors Who Purchased Global Crossing, Ltd. Common Stock -- GX


NEW YORK, Feb. 22, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action against certain Global Crossing, Ltd. ("Global Crossing") (NYSE:GX) officers and directors in the United States District Court for the Southern District of New York. The suit is brought on behalf of all persons or entities who purchased the common stock of Global Crossing between January 2, 2001 and October 4, 2001, inclusive (the "Class Period").

The complaint charges certain of Global Crossing's officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges, among other things, that during the Class Period defendants improperly recorded revenue on the Company's bandwidth trading contracts, in violation of GAAP, thereby substantially overstating earnings. Additionally, defendants failed to inform investors of the declining demand for bandwidth. Furthermore, while the Company's shares were artificially inflated, certain defendants engaged in heavy insider trading, selling of a total of more than $135 million of their personal shares. On January 22, 2002, Global Crossing declared Chapter 11 bankruptcy, making it the fourth-largest bankruptcy in U.S. history.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey has many years of experience in prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our Website at www.kaplanfox.com

If you are a member of the Class, you may move the court no later than April 5, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.

If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:


   Frederic S. Fox, Esq.
   Joel B. Strauss, Esq.
   Shelley Thompson, Esq.
   Kaplan Fox & Kilsheimer LLP
   805 Third Avenue, 22nd Floor
   New York, NY 10022 
   (800) 290-1952
   (212) 687-1980
   Fax: (212) 687-7714
   E-mail address: mail@kaplanfox.com

   Laurence D. King, Esq.
   Kaplan Fox & Kilsheimer LLP
   601 Montgomery Street
   San Francisco, CA 94111
   (415) 772-4700
   Fax: (415) 772-4707
   E-mail address: mail@kaplanfox.com

More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca



            

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