Chimicles & Tikellis LLP and Wolf Haldenstein Announce Filing Of Class Action Against GTE Corporation.

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--May 23, 2000

Wolf Haldenstein Adler Freeman & Herz LLP and Chimicles & Tikellis LLP have filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of investors who were shareholders of record of GTE Corporation (NYSE: GTE) ("GTE" or the "Company") securities as of March 29, 1999, and their successors in interest.

The lawsuit charges GTE and several of its top officers with violations of the securities laws and regulations of the United States. The complaint alleges that defendants issued false and misleading statements concerning the impact a proposed merger with Bell Atlantic would have on the amount of dividends received by investors. Specifically, the complaint alleges that the Company assured investors that they would receive virtually identical dividends after the merger as they did before, when, in fact, post-merger, the combined company will issue dividends one month later than GTE's quarterly dividend schedule. With nearly one billion outstanding shares of GTE, the conversion of GTE's dividend schedule to coincide with Bell Atlantic's dividend schedule which distributes dividends a month later, will result in a material loss of the time-value of those dividends.

Chimicles & Tikellis LLP chairs an executive committee representing plaintiffs who seek to recover damages on behalf of all class members. Chimicles & Tikellis LLP based in Haverford, Pennsylvania and Wilmington, Delaware has extensive experience in the prosecution of class action and derivative litigation in state and federal trial and appellate courts across the country, including the United States Supreme Court. The firm has been repeatedly recognized by the courts, which have appointed it to major positions in complex multi-district and consolidated litigation.

Wolf Haldenstein Adler Freeman & Herz LLP (www.whafh.com), is acting as the liaison counsel for plaintiffs. The Wolf Haldenstein firm has a full service commercial practice consisting of more than 50 attorneys based in New York City and San Diego. The firm's litigation department has been recognized by courts throughout the country as highly experienced and skilled in complex litigation, particularly with respect to federal securities laws, class actions and shareholder litigation. The firm's qualifications have repeatedly received very favorable judicial recognition. The firm has achieved recoveries of over one billion dollars on behalf of investors and shareholders. Goodkind Labaton Rudoff & Sucharow, LLP and Stull, Stull & Brody, both New York firms, are also members of the executive committee.

If you held GTE stock as of March 29, 1999, or if you are the successor or assign of a party who held stock in the Company as of that date, you have 60 days from today to participate in the case and ask the Court to appoint you as one of the lead plaintiffs for the Class. In order to serve as lead plaintiff, you must meet certain legal requirements. If you wish to discuss this action or have any questions, please contact Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York, 10016, by telephone at [phone] (Michael Miske, George Peters, Jeffrey G. Smith, Esq., or Shane T. Rowley, Esq.), via e-mail at [e-mail] or [e-mail] or visit their website at www.whafh.com; or Chimicles & Tikellis LLP at One Rodney Square, Wilmington, DE 19899, by telephone at [phone] (Pamela Tikellis, Esq. or Timothy Dudderar, Esq.) or visit their website at www.chimicles.com.

All e-mail correspondence should make reference to GTE.