Milberg Weiss Announces Class Action Suit Against FLAG Telecom Holdings, Ltd.Business Editors & Legal Writers NEW YORK--(BUSINESS WIRE)--April 3, 2002 The law firm of Milberg Weiss Bershad Hynes & Lerach LLP LLP - Lower Layer Protocol announces that 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 was filed on April 2, 2002, on behalf of purchasers of the shares of FLAG Telecom Holdings, Ltd. ("FLAG" or the "Company") (Nasdaq:FTHL FTHL Flat-Tailed Horned Lizard ) between March 23, 2001 and February 13, 2002, inclusive. A copy of the complaint filed in this action is available from the Court, or can be viewed on Milberg Weiss' website at: http://www.milberg.com/flag/ The action is pending 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. , Southern District of New York, located at 500 Pearl Street, New York NY, against defendants FLAG, Andres Bande (CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman), Edward McCormack (Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. ), Andrew Evans (Chief Technology Officer) and Larry Bautista (Chief Financial Officer until August 2001). The Complaint alleges that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and 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 issuing a series of material misrepresentations to the market between March 23, 2001 and February 13, 2002, thereby artificially inflating the price of FLAG shares. The complaint alleges that throughout the Class Period, FLAG reported strong year-over-year revenue growth. Unbeknownst to investors, however, as alleged in the complaint, FLAG was experiencing diminishing revenue growth. The complaint alleges that in order to create the impression that FLAG was continuing to experience growth, the Company engaged in a series of reciprocal transactions with certain competitors for the purchase and sale of dark fiber optic cable Noun 1. fiber optic cable - a cable made of optical fibers that can transmit large amounts of information at the speed of light fibre optic cable transmission line, cable, line - a conductor for transmitting electrical or optical signals or electric power -- the so-called dark fiber swap. The complaint alleges that as a result of these transactions, FLAG artificially inflated its operating results and materially misrepresented its financial results at all relevant times. If you bought the shares of FLAG between March 23, 2001, and February 13, 2002 you may, no later than June 3, 2002, request that the Court appoint you as lead plaintiff. 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. . In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." 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 Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as your counsel in this action. Milberg Weiss Bershad Hynes & Lerach LLP, a 190-lawyer firm with offices in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , San Diego, San Francisco, Los Angeles, Boca Raton, Seattle and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States. Milberg Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of World War II and other human rights violations, and has been responsible for more than $30 billion in aggregate recoveries. The Milberg Weiss Web site (http://www.milberg.com) has more information about the firm. If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact the following attorneys: Steven G. Schulman or Samuel H. Rudman One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165 Phone number: 800/320-5081 Email: flagcase@milbergNY.com Website: http://www.milberg.com |
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