NEW YORK, July 23, 2003 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action against Lehman Brothers, Inc. ("Lehman") 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 the common stock of RSL Communications, Ltd. ("RSL" or the "Company") (Other OTC:RSLCF) between July 1, 1999 and September 30, 2000, inclusive (the "Class Period").
The Complaint alleges that During the Class Period the Defendant issued to the investing public false and misleading analyst reports on RSL in a bid to win or maintain lucrative banking and advisory work from the Company. During the Class Period, Lehman maintained its highest rating a ("1-Buy" "1-Strong Buy"), on RSL stock, despite the fact that the stock fell to $4 per share in August 2000.
As a result of Defendant's false and misleading statements, the market price of RSL common stock was artificially inflated, maintained or stabilized during the Class Period, to the injury of plaintiff and the other Class members who purchased the stock at the time relying on the integrity of the market price of the stock.
On or about April 28, 2003, the SEC issued a complaint charging Lehman with violating numerous rules of conduct of the National Association of Securities Dealers, Inc. ("NASD") and the New York Stock Exchange, Inc. ("NYSE"), by issuing false and misleading analyst reports on numerous companies, including RSL. The complaint describes the influence and control exerted by Lehman's investment bankers on its supposedly independent research analysts, and details how positive ratings and research reports on RSL issued by Defendant to the public were contrary to Defendant's more negative assessments of the Company's true value and prospects.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago, New Jersey, Los Angeles and Virginia has many years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than August 22, 2003 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Laurence D. King, Esq. Donald R. Hall, Esq. Kaplan Fox & Kilsheimer LLP Kaplan Fox & Kilsheimer LLP 555 Montgomery Street 805 Third Avenue, 22nd Floor San Francisco, CA 94111 New York, NY 10022 (415) 772-4700 (800) 290-1952 Fax: (415) 772-4707 (212) 687-1980 E-mail address: mail@kaplanfox.com Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca