NEW YORK, Feb. 14, 2003 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the District Court, Southern District of New York on behalf of a class (the "Class") of all persons or entities who purchased 12% GOALs(+) Equity Linked Notes linked to the common stock of Worldcom, Inc. ("GOALs(+)")(AMEX:GPL.D) between May 17, 2001 and June 25, 2002, inclusive (the "Class Period").
The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. The complaint names as defendants Bernard J. Ebbers, Scott D. Sullivan, David F. Myers, Buford Yates, Jr., James C. Allen, Judith Areen, Max E. Bobbitt, Francesco Galesi, Stiles A. Kellett, Jr., and John W. Sidgmore. Defendants were all officers and/or directors of Worldcom, Inc. ("Worldcom") during the Class Period.
The Complaint alleges that defendants issued a series of materially false and misleading statements regarding Worldcom. Specifically, the Complaint alleges that throughout the Class Period Worldcom's revenue, earnings, income and assets were materially overstated and its financial statements issued during the Class Period violated Generally Accepted Auditing Principles ("GAAP").
As a result of defendants' violations of the federal securities laws Worldcom has declared bankruptcy and its shares are virtually worthless. The Complaint alleges that the purchase price of the GOALs(+) was materially inflated because their value was directly tied to the market value of Worldcom common stock, which was materially inflated as a result of the fraud.
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired GOALs(+) during the Class Period. If you purchased or otherwise acquired GOALs(+ ) during the Class Period, and either lost money on the transaction or held the securities until maturity, you may wish to join in the action to serve as lead plaintiff. If you purchased GOALs(+) during the Class Period, you may, no later than April 15, 2003 to request that the Court appoint you as lead plaintiff.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiffs.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact, Gianna McCarthy, Esq. of Abbey Gardy, LLP at (800) 889-3701 or email GMccarthy@abbeygardy.com.