MCI WorldCom Close to Emerging From Bankruptcy; Existing WorldCom and MCI Shares to Be Cancelled, Reports Parker & Waichman
February 20, 2004 Deadline to Opt-Out of WorldCom Class Action Approaching; Shareholders Holding WorldCom (WCOEQ) & MCI (MCWEQ) Shares Should Immediately Evaluate Legal OptionsJan 12, 2004 | PR NEWSWIRE
Parker & Waichman is issuing a correction to the firm's January 8, 2004 press release. Shares of MCI WorldCom trading under the ticker symbols WCOEQ and MCWEQ are likely to be cancelled when MCI emerges from bankruptcy. However shares of MCIAV, which are currently trading on a when issued basis will not be cancelled. Shares of MCIAV will be issued when MCI emerges from bankruptcy and these shares will then lose their "when issued" designation. For more information on these shares please visit www.worldcomstockfraud.com.
The corrected Statement from Parker & Waichman follows:
Parker & Waichman (www.worldcomstockfraud.com) is encouraging current and former shareholders to evaluate their legal options in light of recently announced developments from MCI WorldCom. Yesterday, MCI WorldCom (Pink Sheets: WCOEQ - News, MCWEQ - News, MCIAV - News) announced a series of steps that will help the company emerge from bankruptcy. MCI will reduce the size of its Debtor- in-Possession Credit Facility to $300 million from $1.06 billion; this is a result of MCI accumulating significant cash balances making it unnecessary for the company to borrow funds. Additionally, the United States has lifted a ban on MCI which barred the Company from receiving government contracts. When MCI WorldCom emerges from bankruptcy shares of MCI WorldCom stock trading under the symbols (WCOEQ and MCWEQ) will be cancelled. Shares of MCI trading under the ticker symbol (Pink Sheets: MCIAV - News) are trading on a "when issued basis" and will not be cancelled when MCI WorldCom emerges from bankruptcy.
Parker & Waichman and associated counsel is currently representing hundreds of current and former MCI WorldCom shareholders and employees who have opted out of the class action lawsuit that was certified last year by Judge Denise Cote in the Southern District of New York. Parker & Waichman's team has filed claims against Salomon Smith Barney, now operating as Citigroup Global Markets, a unit of Citigroup, Inc. (NYSE: C - News) on behalf of MCI WorldCom investors. These individuals have been financially injured by the fraudulent and inappropriate advice of Salomon Smith Barney. Former Salomon Smith Barney analyst Jack Grubman is also named in the claims.
Current and former WorldCom and MCI shareholders and employees can visit www.worldcomstockfraud.com and www.worldcomclassaction.com to view and download the WorldCom class action opt-out form, "Notice of Class Action." Parker & Waichman encourages shareholders to request a free case evaluation before deciding to opt-out of the class action. Parker & Waichman is providing free case evaluations to all current and former WorldCom and MCI shareholders and employees. Parker & Waichman believes many shareholders may benefit from opting out of the class action to pursue individual claims.
Current and former shareholders who desire to opt-out of the WorldCom class action lawsuit must mail the opt-out form or required information no later than February 20, 2004. This will permit them to pursue individual claims against the defendants, including Salomon Smith Barney. Parker & Waichman is encouraging current and former shareholders to explore their legal options before the opt-out deadline expires. Current and former WorldCom and MCI shareholders who do not specifically "opt-out" of the class action by filing the required form or information are automatically included in the class action lawsuit.
If You Desire To Opt-Out Of The WorldCom Class Action Lawsuit, You MUST Act By Filing The Opt-Out Form Or Required Information No Later Than February 20, 2004 Or You Will Be Automatically Included In The Class Action.
For more information on Parker & Waichman, LLP please visit http://www.yourlawyer.com or call 1-800-YOURLAWYER. Current and former shareholders are also encouraged to visit http://www.injurytalk.com.
Parker & Waichman, LLP