Parker & Waichman is announcing the launch of two websites www.worldcomclassaction.com and www.mciclassaction.com which provide detailed information concerning the WorldCom class action lawsuit that was certified last year by Judge Denise Cote of the Southern District of New York. The aim of these sites is to assist current and former WorldCom and MCI (Pink Sheets: WCOEQ – News, MCWEQ – News, MCIAV – News) employees and shareholders in evaluating their legal rights and determining if they should participate in the class action or opt-out by the February 20, 2004 deadline in order to pursue individual claims.
Current and former shareholders must opt-out of the class action by February 20, 2004 if they desire to pursue individual claims against the defendants, including Salomon Smith Barney, now operating as Citigroup Global Markets, a unit of Citigroup, Inc. 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.
Parker & Waichman and associated counsel are currently representing hundreds of current and former WorldCom and MCI shareholders. Parker & Waichman believes that shareholders who sustained financial losses as a result of their WorldCom securities holdings may be better served by filing an individual claim against the defendants rather than participating in the class action.
The complaints already filed by Parker & Waichman and associated counsel charge Salomon Smith Barney with violations of Section 15(c) of the Securities Exchange Act of 1934, as well as various state statutes, for issuing fraudulent research reports and for violating NYSE Rules 401, 472 and 476(a)(6), and NASD Rules 2110 and 2210, for issuing research reports that were not based on principles of fair dealing and good faith, did not provide a sound basis for evaluating facts, contained exaggerated or unwarranted claims about the covered companies, and/or contained opinions for which there were no reasonable basis. The misconduct of Salomon Smith Barney was detailed in the settlement announced earlier this year by Securities Regulators and state securities officials.
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