Johnson & Perkinson Announces Class Action Lawsuit Against Global Crossing Ltd

Business Wire, March 20, 2002

Business Editors & Legal Writers

SOUTH BURLINGTON, Vt.--(BUSINESS WIRE)--March 20, 2002

Johnson & Perkinson Announce Additional Registration Statement Claims On Behalf of Acquirers of Global Crossing Ltd. Stock

Notice is hereby given that Johnson & Perkinson ("J&P") have filed a class action lawsuit in the U.S. District Court for the Southern District of New York on behalf of all acquirers of Global Crossing Ltd. ("Global") (NYSE: GX - news; OTC BB: GBLXQ - news) common stock during the period from February 1, 1999 through October 4, 2001, including a subclass of those who acquired Global stock in the September 28, 1999 merger between Frontier Corp. and Global.

The Complaint asserts claims against Global officers and directors and Arthur Andersen LLP for violations of Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 and 14a-9 promulgated thereunder by the Securities and Exchange Commission and Sections 11 and 15(a) of the Securities Act, failure to disclose material adverse information and by artificially inflating the Company's reported results on its financial statements published during the Class Period, thereby causing plaintiff and other members of the Class to purchase or acquire Global common stock at artificially inflated prices.

J&P has been retained by two families having collective losses of approximately $11 million. J&P notify others who suffered similar substantial losses by acquiring Global common stock pursuant to the merger which closed on September 28, 1999 between Global and Frontier, or through the purchase of Global common stock between February 1, 1999 and October 4, 2001, inclusive, that they may, no later than April 5, 2002, request the Court appoint them as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.

J&P is a litigation boutique dedicated to maximizing shareholders' returns and keeping the lead plaintiffs apprized of the occurrences in the litigation. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission ("SEC"). In particular, Mr. Johnson was an attorney with the enforcement division of the SEC from 1980-1985 and since that time, has primarily prosecuted complex class actions on behalf of plaintiffs in the areas of securities and consumer fraud. Based in South Burlington, Vermont, the firm has prosecuted leading actions on behalf of defrauded investors in numerous public companies resulting in the recovery of many millions of dollars and has been singled out for its excellence by various courts.

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 Dennis J. Johnson, Esquire or Jacob B. Perkinson, Esquire at Johnson & Perkinson, 1690 Williston Road, South Burlington, Vermont 05403, toll free at 1-866-276-5446 or via e-mail at JPLAW@adelphia.net.