BALA CYNWYD, Pa., March 19, 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 Southern District of New York on behalf of a class of all persons or entities who purchased 12% GOALs(+) (AMEX:GPL.D) and 18.25% GOALs(+) (AMEX:NYW.A) Equity Linked Notes linked to the common stock of WorldCom, Inc. between May 17, 2001 and June 25, 2002, inclusive (the "Class Period") (the "Class").
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 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, as well as UBS AG ("UBS"), who offered GOALs to the public. The Individual Defendants were all officers and/or directors of WorldCom, Inc. ("WorldCom") during the Class Period.
Specifically, the complaint alleges that the Individual 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 the Individual 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. In addition, because UBS incorporated WorldCom financial data by reference into the offering documents, they are strictly liable for the false and misleading information contained therein.
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