LITTLE ROCK, Ark., May 22, 2002 (PRIMEZONE) -- The Emerson Firm, a securities trial law firm with offices in Houston, Texas and Little Rock, Arkansas announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of WorldCom, Inc. (Nasdaq:WCOM) ("WorldCom" or the "Company") common stock during the period between May 15, 1999 and April 21, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the firm by calling our toll free number below.
The complaint charges Salomon Smith Barney, Inc. ("Salomon") and its star telecommunication analyst Jack Grubman ("Grubman") with violating sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by the issuance of analyst reports regarding WorldCom which recommended the purchase of WorldCom common stock and which set price targets for WorldCom common stock without any reasonable factual basis. Furthermore, when issuing their WorldCom reports, defendants failed to disclose significant, material conflicts of interest which they had, in light of their use of Grubman's reputation and his WorldCom analyst reports, to obtain investment banking business for Salomon. Furthermore, in issuing their WorldCom reports, in which they were recommending the purchase of WorldCom stock, defendants failed to disclose material, non-public, adverse information which they possessed about WorldCom as well as their true opinion about WorldCom.
If you bought WorldCom common stock between May 15, 1999 and April 21, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than July 12, 2002. If you are a member of this class, you can join this class action by contacting Ms. Tanya Autrry in The Emerson Firm Investor Relations Department. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Texas and Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the Firm.
The Emerson Firm
Investor Relations Department:
Ms. Tanya Autry
P.O. Box 25336
Little Rock, AR 72221-5336
Toll Free: 1-800-663-9817
E-mail: tanya.autry@worldnet.att.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca