BALA CYNWYD, Pa., Oct. 24, 2002 (PRIMEZONE) -- Shareholders of Level 3 Communications, Inc. (Nasdaq:LVLT) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in New York (02-CV-7052) must submit an application with the Court by October 29, 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 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