Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Commences Class Action Suit On Behalf Of Shareholders Of Global Crossing.Business Editors WASHINGTON--(BUSINESS WIRE)--May 28, 2002 Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , Milstein, Hausfeld & Toll, P.L.L.C. has commenced a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of on behalf of purchasers of Global Crossing, Ltd. ("Global Crossing" or the "Company") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GBLXE.OB) common stock between May 24, 1999, and Oct. 4, 2001, (the "Class Period"), inclusive, against Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , Inc. ("Salomon") and its well known telecommunications analyst Jack Grubman ("Grubman") for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. is involved in five similar suits against Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. and its internet analyst Henry Blodget, as well as a case against Salomon Smith Barney and Jack Grubman on behalf of purchasers of WorldCom. The Complaint alleges that defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder, by the issurance of analyst reports regarding Global Crossing which recommended the purchase of Global Crossing common stock and which set price targets for Global Crossing common stock without any reasonable factual basis. When issuing their Global Crossing reports, defendants failed to disclose significant, material conflicts of interest which they had, in light of their use of Grubman's reputation and his Global Crossing analyst reports, to obtain investment banking business for Salomon. Plaintiffs seek to recover damages on behalf of all those who purchased shares of Global Crossing common stock during the Class Period (the "Class"). If you are a member of the Class, you may wish to join in the action to serve as lead plaintiff by requesting that the Court appoint you as lead plaintiff. You must make any such request by July 23, 2002. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cohen, Milstein or other counsel of your choice, to serve as your counsel in this action. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle, Washington and New York, and is active in major litigation pending in federal and state courts throughout the nation. You may visit our website at www.cmht.com. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over a billion dollars. If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following: Steven J. Toll, Esq. or Robert Smits Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 1100 New York Avenue The following roads are named New York Avenue:
West Tower, Suite 500 Washington, DC 20005 Telephone: 888-240-0775 or 202-408-4600 E-mail: stoll@cmht.com or rsmits@cmht.com Website: www.cmht.com |
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