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Turkcell Announces Final Settlement of Securities Class Action Lawsuit
ISTANBUL, Turkey, April 20 /PRNewswire-FirstCall/ -- Turkcell , the leading provider of mobile communications in Turkey, announced today that a federal judge has approved the settlement of the consolidated securities class action lawsuit filed against the Company and several of its past and present officers and directors in the U.S. District Court for the Southern District of New York. Under the terms of the settlement, all claims against the Company have now been dismissed without admission of liability or wrongdoing. The shareholder class is receiving a cash payment of US$19.2 million.
This purported class action lawsuit was initiated in the United States District Court for the Southern District of New York against Turkcell and two of its past and present officers and directors on November 22, 2000.
Although, Turkcell management believes that plaintiff's claims are without merit, the company is pleased to put the uncertainty and expense of the class action litigation behind and believe that the decision to settle is in the best interest of our shareholders.
http://www.turkcell.com.tr/
About Turkcell
Turkcell is the leading GSM operator in Turkey with 19 million postpaid and prepaid customers as of December 31, 2003. Turkcell had revenues of US$1,839.4 million during the nine month period ended September 30, 2003. Turkcell provides high-quality wireless telephone services throughout Turkey and has coverage of 100% of the towns with more than 10,000 inhabitants. Turkcell provides roaming with 352 operators in 141 countries as of September 30, 2003. At the end of 1999, Turkcell became the first GSM operator in Turkey to be awarded the prestigious ISO 9001 certificate for the quality of its service. Turkcell is the only NYSE listed company in Turkey. Turkcell has interests in international GSM operations in Azerbaijan, Georgia, Kazakhstan, Moldova and Northern Cyprus, which have a total of 2.4 million subscribers as of December 31, 2003.
Turkcell
CONTACT: Turkcell: Investors: Koray Ozturkler, Investor Relations, tel:+90-212-313-1500, Email: koray.ozturkler@turkcell.com.tr orMurat Borekci, Investor Relations tel: +90-212-313-1503, Email:murat.borekci@turkcell.com.tr,investor.relations@turkcell.com.tr or Media: Nazli Candan,Corporate Communications, tel: +90-212-313-2310, Email:nazli.candan@turkcell.com.tr or Bahar Erbengi, CorporateCommunications, tel: +90-212-313-2309, Email:bahar.erbengi@turkcell.com.tr, Citigate Dewe Rogerson Europe:Kate Delahunty, tel: +44-20-7282-2934, Email:kate.delahunty@citigatedr.co.uk, Toby Moore,tel:+44-20-7282-2999, Email: toby.moore@citigatedr.co.uk orUnited States: Victoria Hofstad/Jessica Wolpert, tel:+1-201-499-3500, Email: victoria.hofstad@citigatefi.com,jessica.wolpert@citigatefi.com
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