BALA CYNWYD, Pa., Feb. 14, 2003 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Kansas on behalf of all purchasers of the common stock of Sprint FON Group (NYSE:FON) from February 1, 2001 through February 5, 2003, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges that defendants, the Sprint Corporation ("Sprint" or the "Company"), Ernst & Young LLP ("Ernst & Young"), William Esrey ("Esrey"), and Ronald Lemay ("Lemay") 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 materially false and misleading statements to the market between February 1, 2001 and February 5, 2003. Specifically, that press releases, SEC filings and disclosures distributed by the Company during calendar years 2001 and 2002, were each materially false and misleading because they failed to disclose that Sprint, with the help of Ernst & Young, had improperly avoided substantial tax liabilities as a result of its employees exercising numerous stock options.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.
If you are a member of the class described above, you may, not later than April 15, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca