BALA CYNWYD, Pa., Oct. 3, 2002 (PRIMEZONE) -- It was inadvertently reported in a press release yesterday that Level 3 Communications, Inc. (Nasdaq:LVLT) was the subject of a lawsuit filed by the law firm of Schiffrin & Barroway for misleading investors about its business and financial condition. This was done in error.
The true defendants in the lawsuit are Salomon Smith Barney Inc., Jack Grubman and Morgan Stanley Dean Witter & Co., Inc. who are charged with misleading investors regarding the purchase of Level 3 Communications, Inc. common stock.
The complaint was filed in the U.S. District Court for the Southern District of New York (02-CV-7052). Plaintiff seeks damages for violations of the federal securities laws on behalf of all investors who purchased Level 3 Communications, Inc. securities between January 4, 1999 and June 18, 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 Level 3 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 alleges that Salomon Smith Barney Inc., Jack Grubman and Morgan Stanley Dean Witter & Co., Inc. urged investors to purchase Level 3 stock when they knew or should have known that such purchases were not a good investment. Specifically, the complaint alleges that defendants issued "Buy" recommendations about Level 3 without any rational economic basis; failed to disclose that they were issuing "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent objective analysis.
If you purchased Level 3 Communications, Inc. securities between January 4, 1999 and June 18, 2001, you may be a member of the class and have until October 29, 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