NEW YORK, Nov. 1, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02-cv-8757, on behalf of all persons or entities who purchased or otherwise acquired securities of Williams Communications Group, Inc. ("WCG" or the "Company") (Nasdaq:WCG) between October 27, 1997 through November 2, 2001, both dates inclusive (the "Class Period"). Jack Grubman and Salomon Smith Barney, Inc. are named as defendants 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 & Peckel 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 charges Jack Grubman and Salomon Smith Barney, Inc. with violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants issued and maintained "Buy" recommendations on WCG securities without any rational economic basis; failed to disclose that they were issuing and maintaining "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent objective analysis.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel 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 & Peckel LLP at www.rabinlaw.com.
If you purchased WCG securities during the Class Period described above, you may, no later than December 27, 2002, 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 plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel 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.