HOUSTON, Oct. 1, 2002 (PRIMEZONE) -- The Emerson Firm, a securities class action trial law firm, announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Level 3 Communications, Inc. (Nasdaq:LVLT) ("Level 3" or the "Company") common stock during the period between January 4, 1999 and June 18, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court or can be obtained by calling the Firm's toll free number below.
The complaint alleges that Salomon Smith Barney Inc., Jack Grubman and Morgan Stanley Dean Witter & Co., Inc. urged investors to purchase Level 3 stock when they knew or should have known that such purchases were not a good investment. The complaint alleges that defendants issued "Buy" recommendations about Level 3 without any rational economic basis; failed to disclose that they were issuing "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent objective analysis.
If you bought Level 3 common stock between January 4, 1999 and June 18, 2001, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than October 29, 2002. If you are a member of this class, you can join this class action by calling the Firm's toll free number or e-mailing Ms. Tanya Autry in the Firm's Investor relations Department. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice.
The Emerson Firm is a national law firm that represents investors and consumers in class action and corporate governance litigation. The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Texas and Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.