NEW YORK, June 6, 2003 (PRIMEZONE) -- A class action Complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Winstar Communications, Inc. ("Winstar") securities (Nasdaq:WCII) between January 5, 2001 and April 5, 2001, both dates inclusive (the "Class Period"). Credit Suisse First Boston is the named as defendant in the complaint.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The complaint alleges that defendant violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission. In particular, the complaint alleges that defendants issued and maintained a "Buy" recommendation on Winstar securities without any rational economic basis; failed to disclose that they were issuing and maintaining these recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent and objective analysis. The Complaint alleges that as a result of these false and misleading statements and omissions of material fact, the price of Winstar securities was artificially inflated throughout the Class Period causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin, Murray & Frank LLP at www.rabinlaw.com.
If you purchased Winstar securities during the Class Period described above, you may, no later than July 21, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca