WCOM Trade
News 2.479 0.129
Lovell & Stewart Announces Securities Fraud Class Action Against WorldCom, Inc., Its President, Directors and Arthur Anderson, LLP
April 30, 2002 14:53:00 (ET)
NEW YORK, Apr 30, 2002 (BUSINESS WIRE) -- The law firm of Lovell & Stewart, LLP (212/608-1900 or www.lovellstewart.com) filed a class action lawsuit on April 30, 2002, on behalf of all persons and entities who purchased, converted, exchanged or otherwise acquired the common stock of WorldCom, Inc. (WCOM, Trade) between January 3, 2000, and April 29, 2002, inclusive.
The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated by the SEC thereunder, as well as pendant state law claims for fraud, negligent misrepresentation, and intentional deceit and seeks to recover damages. If you wish to serve as lead plaintiff, you must move the Court no later than July 1, 2002.
The action, The Albert Fadem Trust and Bruce A. Fadem v. WorldCom, Inc., et al., is pending in the U.S. District Court for the Southern District of New York (500 Pearl Street, New York, New York), Docket No. 02-CV-3288(DLC) and has been assigned to the Hon. Denise Cote, U.S. District Judge. The complaint alleges that WorldCom, Inc., Bernard J. Ebbers, its President and Chief Executive Officer and Directors James C. Allen, Max E. Bobbitt, and Francesco Galesi, together with WorldCom's auditors, Author Anderson, LLP violated the federal securities laws by making misrepresentations and/or omissions in connection with false and/or misleading financial statements. Particularly, Defendants misrepresented WorldCom's earnings in its public filings with the SEC and elsewhere as a result of failing to record write-downs of goodwill and other intangible assets associated with WorldCom's acquisition of numerous telecommunications companies at premium prices. The complaint further alleges that Defendants affirmatively misstating the value of goodwill and other intangible assets associated with WorldCom's acquisition of numerous telecommunications companies at premium prices and carrying such assets on WorldCom's balance sheet at the cost of acquiring them long after it had become apparent that WorldCom had overpaid to acquire such assets. Additionally, Defendants failed to disclose that WorldCom's goodwill and other intangible assets associated with WorldCom's acquisitions of numerous telecommunications companies at premium prices were being carried at unrealistically and misleadingly high values on WorldCom's balance sheet.
Christopher Lovell, the senior partner at Lovell & Stewart, has been appointed lead counsel or co-lead counsel in numerous significant class actions, including actions involving reportedly the largest class action recoveries in history under three separate federal statutes (the Sherman Antitrust Act, the Commodity Exchange Act, and the Investment Company Act of 1940). These record-breaking recoveries for class plaintiffs included the $1.027 billion recovery in In re: NASDAQ Market-Makers Antitrust Litigation and a $145.35 million recovery in 1999 in In re: Sumitomo Copper Litigation, a class action against various parties who conspired to manipulate the worldwide copper and copper futures markets for their own profit.
Investors who purchased WorldCom, Inc., common stock during the period January 3, 2000, through April 29, 2002 may contact Lovell & Stewart at the telephone number, address or E-mail address below for more information regarding the class action lawsuit. Investors can also visit Lovell & Stewart's website at www.lovellstewart.com to view a copy of the complaint.
CONTACT: Lovell & Stewart, LLP Christopher Lovell Victor E. Stewart Christopher J. Gray 500 Fifth Avenue New York, New York 10110 212/608-1900 sklovell@aol.com TICKERS: NASDAQ:WCOM URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.
News 2.479 0.129
Lovell & Stewart Announces Securities Fraud Class Action Against WorldCom, Inc., Its President, Directors and Arthur Anderson, LLP
April 30, 2002 14:53:00 (ET)
NEW YORK, Apr 30, 2002 (BUSINESS WIRE) -- The law firm of Lovell & Stewart, LLP (212/608-1900 or www.lovellstewart.com) filed a class action lawsuit on April 30, 2002, on behalf of all persons and entities who purchased, converted, exchanged or otherwise acquired the common stock of WorldCom, Inc. (WCOM, Trade) between January 3, 2000, and April 29, 2002, inclusive.
The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated by the SEC thereunder, as well as pendant state law claims for fraud, negligent misrepresentation, and intentional deceit and seeks to recover damages. If you wish to serve as lead plaintiff, you must move the Court no later than July 1, 2002.
The action, The Albert Fadem Trust and Bruce A. Fadem v. WorldCom, Inc., et al., is pending in the U.S. District Court for the Southern District of New York (500 Pearl Street, New York, New York), Docket No. 02-CV-3288(DLC) and has been assigned to the Hon. Denise Cote, U.S. District Judge. The complaint alleges that WorldCom, Inc., Bernard J. Ebbers, its President and Chief Executive Officer and Directors James C. Allen, Max E. Bobbitt, and Francesco Galesi, together with WorldCom's auditors, Author Anderson, LLP violated the federal securities laws by making misrepresentations and/or omissions in connection with false and/or misleading financial statements. Particularly, Defendants misrepresented WorldCom's earnings in its public filings with the SEC and elsewhere as a result of failing to record write-downs of goodwill and other intangible assets associated with WorldCom's acquisition of numerous telecommunications companies at premium prices. The complaint further alleges that Defendants affirmatively misstating the value of goodwill and other intangible assets associated with WorldCom's acquisition of numerous telecommunications companies at premium prices and carrying such assets on WorldCom's balance sheet at the cost of acquiring them long after it had become apparent that WorldCom had overpaid to acquire such assets. Additionally, Defendants failed to disclose that WorldCom's goodwill and other intangible assets associated with WorldCom's acquisitions of numerous telecommunications companies at premium prices were being carried at unrealistically and misleadingly high values on WorldCom's balance sheet.
Christopher Lovell, the senior partner at Lovell & Stewart, has been appointed lead counsel or co-lead counsel in numerous significant class actions, including actions involving reportedly the largest class action recoveries in history under three separate federal statutes (the Sherman Antitrust Act, the Commodity Exchange Act, and the Investment Company Act of 1940). These record-breaking recoveries for class plaintiffs included the $1.027 billion recovery in In re: NASDAQ Market-Makers Antitrust Litigation and a $145.35 million recovery in 1999 in In re: Sumitomo Copper Litigation, a class action against various parties who conspired to manipulate the worldwide copper and copper futures markets for their own profit.
Investors who purchased WorldCom, Inc., common stock during the period January 3, 2000, through April 29, 2002 may contact Lovell & Stewart at the telephone number, address or E-mail address below for more information regarding the class action lawsuit. Investors can also visit Lovell & Stewart's website at www.lovellstewart.com to view a copy of the complaint.
CONTACT: Lovell & Stewart, LLP Christopher Lovell Victor E. Stewart Christopher J. Gray 500 Fifth Avenue New York, New York 10110 212/608-1900 sklovell@aol.com TICKERS: NASDAQ:WCOM URL: http://www.businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.
