Cohen, Milstein, Hausfeld & Toll, P.L.L.C. Commences Class Action Suit On Behalf Of Shareholders Of WorldCom, Inc

Business Wire, May 17, 2002

Business Editors & Legal Writers

NEW YORK--(BUSINESS WIRE)--May 17, 2002

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has commenced a class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of WorldCom, Inc. ("WorldCom" or the "Company") (Nasdaq:WCOM) common stock between May 15, 1999 and April 21, 2002 (the "Class Period"), inclusive, against Salomon Smith Barney, Inc. ("Salomon") and its well known telecommunication analyst Jack Grubman ("Grubman") for violations of Sections 10(b) and 20(a)of the Securities Exchange Act of 1934.

Cohen Milstein is involved in five similar suits against Merrill Lynch and its internet analyst Henry Blodget.

The Complaint alleges that defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder, by the issuance of analyst reports regarding WorldCom which recommended the purchase of WorldCom common stock and which set price targets for WorldCom common stock without any reasonable factual basis. When issuing their WorldCom reports, defendants failed to disclose significant, material conflicts of interest which they had, in light of their use of Grubman's reputation and his WorldCom analyst reports, to obtain investment banking business for Salomon.

Plaintiffs seek to recover damages on behalf of all those who purchased shares of WorldCom common stock during the Class Period (the "Class"). If you are a member of the Class, you may wish to join in the action to serve as lead plaintiff by requesting that the Court appoint you as lead plaintiff. You must make any such request by July 12, 2002. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. 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 Cohen, Milstein or other counsel of your choice, to serve as your counsel in this action.

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle, Washington and New York, and is active in major litigation pending in federal and state courts throughout the nation.

The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm to lead positions in complex multi-district or consolidated litigation. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. 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 over a billion dollars.

If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:

Steven J. Toll, Esq.

or

Gail Regina

Cohen, Milstein, Hausfeld & Toll, P.L.L.C.

1100 New York Avenue, NW

West Tower, Suite 500

Washington, DC 20005

Telephone: 888-240-0775 or 202-408-4600

E-mail: stoll@cmht.com or gregina@cmht.com