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AboveNet Announces Stockholder Suit On Proposed Merger With Metromedia Fiber Network, Inc.

SAN JOSE, Calif.--(BUSINESS WIRE)--July 2, 1999--

AboveNet Communications Inc. (Nasdaq:ABOV) today announced that a complaint has been filed by an alleged stockholder against AboveNet and its directors in the Chancery Court in Castle County, Del.

The complaint alleges that AboveNet's directors breached their fiduciary duties to stockholders in approving, subject to stockholder approval, the previously announced merger of AboveNet with Metromedia Fiber Network, Inc. The plaintiff purports to represent a class of all AboveNet stockholders. The complaint seeks to prevent the consummation of the acquisition or, in the alternative, damages, fees and expenses in an unstated amount.

AboveNet said it believes the complaint is without merit and intends to vigorously defend against the claims made in the complaint. The Board of Directors of AboveNet approved the transaction with Metromedia and believes it is in the best interests of AboveNet's stockholders.

About AboveNet Communications Inc.

AboveNet Communications, Inc. is a leading provider of Internet connectivity and co-location solutions for high bandwidth and business-critical applications. AboveNet, headquartered in San Jose, is the architect of the Internet Service Exchange(TM) (ISX(TM)) -- a world class network that provides co-location services and Internet connectivity for Content Providers, ISPs, and Application Service Providers (ASPs). The AboveNet Global One-Hop Network(TM) is designed to deliver fast, scalable and reliable connections to the Internet and improves the Internet experience for all end-users. With its Tier 1 status and ISO 9002 certification, AboveNet is seeking to serve the global community of the Internet. For more information on AboveNet and its service offering call 800/475-2733 or visit the company's Web site at http://www.above.net.

Note to Editors: AboveNet, Internet Service Exchange, ISX and AboveNet Global One-Hop Network are trademarks of AboveNet Communications, Inc. All other company or brand names may be trademarks of the respective companies with which they are associated.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
Words:308
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