MCI WorldCom Emerges from Bankruptcy, Existing Shareholders Will Not Benefit as Shares Trading Under Symbols WCOEQ and MCWEQ are Deemed Worthless
Parker & Waichman Encourages All Current and Former MCI Shareholders to Evaluate their Legal OptionsApr 26, 2004 | PRIMEZONE
Last week MCI (Pink Sheets:WCOEQ) (Other OTC:MCWEQ.PK - News) (Other OTC:MCIAV.PK - News), formerly WorldCom Inc., emerged from bankruptcy after filing for Chapter 11 protection in July 2002, shortly after the Company's massive fraud and accounting irregularities came to light. As a result of MCI's emergence from bankruptcy, shares of MCI trading under the ticker symbols WCOEQ and MCIAV have been deemed worthless. Parker & Waichman continues to encourage current and former MCI WorldCom shareholders and employees to evaluate their legal options. Current and former MCI shareholders and employees can request a free lawsuit case evaluation at http://www.worldcomstockfraud.com .
It is expected that MCI will issue a new class of stock, with most of the new shares going to former debt-holders. These shares of MCI have been trading on a ``when-issued'' basis for months under the symbol MCIAV. Once these shares are actually issued, they will start trading on the over-the-counter market. MCI will likely seek a listing for these shares on the Nasdaq Stock Market. WCOEQ and MCWEQ shareholders will not receive any of the newly issued shares of MCI.
``While MCI executives are cheering the Company's recent successes, it is inexcusable that they have all but forgotten their thousands of shareholders and employees who were victims of the largest fraud in American history,'' commented Jerrold S. Parker, Esq., of Parker & Waichman. ``We continue to receive hundreds of inquires every day from shareholders and employees who thought they had a chance of recovering some of their losses when MCI emerged from bankruptcy.'' Parker & Waichman continues to file cases on behalf of these victims and strongly encourages all current and former MCI shareholders and employees to evaluate their legal options quickly.
To date, Parker & Waichman and affiliated counsel represent over 2500 current and former MCI and WorldCom shareholders. Parker & Waichman believes many shareholders may benefit from opting out of the class action to pursue individual claims. The previous February 20, 2004 opt-out deadline has been extended, but no new opt-out deadline has been announced. Parker & Waichman will publish the new opt-out deadline on its websites as soon as it becomes available. Current and former WorldCom and MCI shareholders and employees can visit http://www.worldcomstockfraud.com and http://www.worldcomclassaction.com to view and download the WorldCom class action opt-out form entitled, ``Notice of Class Action.''
Current and former shareholders who desire to opt-out of the WorldCom class action lawsuit must mail the opt-out form or required information before the opt-out deadline. This will permit them to pursue individual claims against the defendants, including Salomon Smith Barney. 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 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