|
Shareholder Class Action Filed Against Global Crossing Ltd. by the Law Firm of Schiffrin & Barroway, LLP
BALA CYNWYD, Pa., May 5 /PRNewswire/ -- The following statement was issued today 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 publicly traded securities of Global Crossing Ltd. ("Global Crossing" or the "Company") from December 9, 2003 through April 26, 2004, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges that Global Crossing, John Legere, and Daniel O'Brien violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between December 9, 2003 and April 26, 2004. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had materially understated its accrued cost-of-access liability by $50-$80 million; (2) that the Company had insufficient internal controls; and (3) that as a result, the Company's financial results were materially inflated at all relevant times.
On April 27, 2004 Global Crossing announced that it is conducting a review of its previously reported financial statements for the years ended December 31, 2003 and 2002, including respective interim periods. News of this shocked the market. Shares of Global Crossing stock price dropped $5.00 per share, or 27.7 percent on April 27, 2004 on unusually large trading volumes to close at $13.20 per share.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/.
If you are a member of the class described above, you may, not later than June 29, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the 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 Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.
CONTACT: Schiffrin & Barroway, LLP
Marc A. Topaz, Esq.
Stuart L. Berman, Esq.
Three Bala Plaza East, Suite 400, Bala Cynwyd, PA 19004
1-888-299-7706 (toll-free) or 1-610-667-7706
Or by e-mail at info@sbclasslaw.com
Schiffrin & Barroway, LLP
CONTACT: Marc A. Topaz, Esq. or Stuart L. Berman, Esq., both ofSchiffrin & Barroway, LLP, +1-888-299-7706, +1-610-667-7706 orinfo@sbclasslaw.com
Web site: http://www.sbclasslaw.com/
[ Back To TMCnet.com's Homepage ]
|
INDUSTRIES
Activate Email 
Find Solutions for Enterprises, SMBs & Service Providers at the INTERNET TELEPHONY Conference and EXPO East, January 20-22, 2010. Miami, FL.
