BALA CYNWYD, Pa., Sept. 27, 2002 (PRIMEZONE) -- Shareholders of Winstar Communications, Inc. ("Winstar") (Pink Sheets:WCIIQ) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York (01-CV-3478) must submit an application with the Court by October 1, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Winstar Communications, Inc. securities between January 25, 2001 to April 17, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Winstar Communications, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The Complaint against Salomon and Grubman alleges that defendants violated the federal securities laws because their analyst reports regarding Winstar were false and deceptive, thereby causing Winstar's stock prices to be artificially inflated. As alleged in the Complaint, on July 22, 2002, The Wall Street Journal reported that the National Association of Securities Dealers ("NASD") was preparing to take regulatory action against both Grubman and Salomon for violating NASD rules based on allegations that defendants misled investors by touting shares of Winstar despite evidence that the company was in deep financial trouble. The Complaint seeks to recover damages caused to the Class by defendants' violations of Section 10(b) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act.
If you purchased Winstar Communications, Inc. securities between January 25, 2001 to April 17, 2001, you may be a member of the class and have until October 1, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca