Financial Services Industry
Industry: Email Alert RSS FeedGrubman Faces Nasdaq Nemesis.(Salomon Smith Barney lawsuit over XO Communications market pricing)(Brief Article)
Traders, January, 2003 by Reports, Staff
A huge class action lawsuit has been filed against Salomon Smith Barney and Jack Grubman. This lawsuit, filed by the high-powered law firm Lovell Stewart Halebian, charges that Salomon and others caused the market price of XO Communications to be artifically inflated.
The Halebian firm, which has selected senior partner Christopher Lovell to argue the case in U.S. District Court in Manhattan, represents clients with at least $130 million in losses in a period between 1997 and 2001, according to the complaint.
The complaint also charges that Salomon lead telecommunications analyst, Jack Grubman, maintained a buy recommendation on XO Communications to ensure that his employer was able to obtain and support fat investment banking business. Lovell's...
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