Stull, Stull & Brody Announces Class Action On Behalf of Purchasers of Global Crossing, Ltd

Business Wire, June 12, 2002

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--June 12, 2002

Notice is hereby given that a class action lawsuit was filed on June 12, 2002 in the United States District Court for the Southern District of New York, on behalf of purchasers of Global Crossing Ltd. ("Global Crossing" or the "Company") (NYSE:GX) common stock between June 15, 1999 and November 10, 2001, inclusive (the "Class Period") against defendants Salomon Smith Barney, Inc. ("Salomon") and its star telecommunication analyst Jack Grubman ("Grubman") for violations of Sections 10(b) of the Securities Exchange Act of 1934, and SEC Rule 10b-5 promulgated thereunder.

The complaint alleges that defendants violated Sections 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder, by the issuance of analyst reports regarding Global Crossing which recommended the purchase of Global Crossing common stock and which set price targets for Global Crossing common stock without any reasonable factual basis. Furthermore, when issuing their Global Crossing reports, defendants failed to disclose significant, material conflicts of interest, which they had, in light of their use of Grubman's reputation and his Global Crossing analyst reports, to obtain investment banking business for Salomon. Furthermore, in issuing their Global Crossing reports, in which they were recommending the purchase of Global Crossing stock, defendants failed to disclose material, non-public, adverse information which they possessed about Global Crossing as well as their true opinion about Global Crossing. Defendants also failed to disclose that Grubman, while issuing reports on Global Crossing recommending that investors purchase Global Crossing common stock, had been intimately involved in the management of Global Crossing.

If you purchased Global Crossing common stock between June 15, 1999 and November 10, 2001, inclusive, you may, no later than July 23, 2002, request the Court appoint you as lead plaintiff.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action.

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 Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017.