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Technology Industry

Salomon, Grubman sued over Level 3

Fiber Optics Weekly Update, Sept 13, 2002

The following statement was issued by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Level 3 Communications common stock between January 4, 1999 and June 18, 2001, inclusive.

The complaint alleges that Salomon Smith Barney Inc., Jack Grubman, and Morgan Stanley Dean Witter & Co. Inc. urged investors to purchase Level 3 stock when they knew or should have known that such purchases were not a good investment. Specifically, the complaint alleges that defendants issued "Buy" recommendations about Level 3 without any rational economic basis; failed to disclose that they were issuing "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent objective analysis.

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Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.

Technology Industry

Salomon, Grubman sued over Level 3

Fiber Optics Weekly Update, Sept 13, 2002

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