ATLANTA, June 9, 2003 (PRIMEZONE) -- Chitwood & Harley, LLP announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of investors who purchased or otherwise acquired Winstar Communications, Inc., ("Winstar" or the "Company"), (Nasdaq:WCII), between January 5, 2001, and April 5, 2001, inclusive (the "Class Period"). The suit is brought against Credit Suisse First Boston. A copy of the complaint is available on our website, www.classlaw.com by clicking on Winstar, or will be emailed upon request. If you have questions concerning this matter or your rights, please call us or email Jennifer Morris at jlm@classlaw.com.
The complaint alleges that defendants 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.
The deadline to file lead plaintiff papers, for those class members wishing to serve in this capacity, is July 21, 2003. There are certain legal requirements to serve as lead plaintiff, which we would be happy to discuss with you. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may remain an absent class member. If you wish to discuss this action or have any questions concerning this notice or your rights with respect to this matter, you may contact Lauren Antonino or Jennifer Morris at 1-888-873-3999 (toll-free) or by e-mail at jlm@classlaw.com. You may also contact us through our website, www.classlaw.com, by clicking on Winstar.
Chitwood & Harley LLP is a class action firm that concentrates its practice in representing victims of securities fraud and corporate mismanagement, as well as other complex litigation. Chitwood & Harley has been appointed lead counsel in major actions throughout the United States and has been instrumental in recovering billions of dollars on behalf of its clients. Clients and courts alike have praised the results achieved by Chitwood & Harley. Recently, the federal judge in In re BankAmerica Securities Litigation, which resulted in the highest recovery last year in a securities class action, commented favorably on counsel's performance stating: "Class members were well served by experienced attorneys who, through considerable time and effort, obtained a significant recovery for their clients," and, "(a)s the Court has remarked throughout this litigation, class counsel ... have performed at exceptionally high levels, and all parties have been exceedingly well represented."
For more information about Chitwood & Harley, please visit our website at www.classlaw.com or contact Jennifer Morris at 1-888-873-3999 (toll-free), by e-mail at jlm@classlaw.com or at 1230 Peachtree Street, Suite 2300, Atlanta, Georgia 30309.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca