Business Services Industry
Class Action Lawsuit Filed on Behalf of Purchasers of MCI Communications Stock
Business Wire, Sept 15, 1997
NEW YORK--(BUSINESS WIRE)--Sept. 15, 1997--On Aug. 28, 1997, a class action lawsuit was filed in the United States District Court for the District of Columbia on behalf of purchasers of the common stock of MCI Communications Corp. ("MCI" or the "Company"), between Aug. 14, 1997, and Aug. 20, 1997, inclusive (the "Class Period").
The complaint charges MCI, and certain of its officers and directors, with violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, for making false and misleading statements to the investing public regarding the impending merger between MCI and BT Telecommunications PLC ("BT").
Specifically, the Company failed to advise the investing public that BT was renegotiating the terms of the merger, resulting in a lower price to be paid to MCI's shareholders, in light of the $800 million loss expected by MCI for 1997.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firms of Cohen, Milstein, Hausfeld & Toll, P.L.L.C. ("Cohen, Milstein"); Wolf Haldenstein Adler Freeman & Herz LLP ("Wolf Haldenstein"); Chimicles, Jacobsen & Tikellis; Berman, DeValerio & Pease; and the Law Offices of Charles J. Piven, P.A.
Cohen, Milstein has had significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C. and Seattle and is active in major litigation pending in federal and state courts throughout the nation.
Cohen, Milstein's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multidistrict or consolidated litigation.
The firm has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total hundreds of millions of dollars, or more. Visit the firm's website at www.cmht.com .
If you are a member of the class described above, you may, not later than Nov. 1, 1997, move the court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact either Daniel S. Sommers at Cohen, Milstein at 888/240-0775 or 202/408-4600 (e-mail: dsommers@cmht.com), or the law firm of Wolf Haldenstein at 800/575-0735 (e-mail: classmembers@whafh.com).
CONTACT: Cohen, Milstein, Hausfeld & Toll, P.L.L.C.
Daniel S. Sommers, 888/240-0775 or 202/408-4600
e-mail: dsommers@cmht.com
or
Wolf Haldenstein Adler Freeman & Herz LLP, 800/575-0735
e-mail: classmembers@whafh.com
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