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

Business Wire, May 29, 2002

Business Editors

WASHINGTON--(BUSINESS WIRE)--May 28, 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 Global Crossing, Ltd. ("Global Crossing" or the "Company") (OTCBB:GBLXE.OB) common stock between May 24, 1999, and Oct. 4, 2001, (the "Class Period"), inclusive, against Salomon Smith Barney, Inc. ("Salomon") and its well known telecommunications analyst Jack Grubman ("Grubman") for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

Cohen, Milstein, Hausfeld & Toll, P.L.L.C. is involved in five similar suits against Merrill Lynch and its internet analyst Henry Blodget, as well as a case against Salomon Smith Barney and Jack Grubman on behalf of purchasers of WorldCom.

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 issurance 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. 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.

Plaintiffs seek to recover damages on behalf of all those who purchased shares of Global Crossing 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 23, 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. You may visit our website at www.cmht.com. 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

Robert Smits

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 rsmits@cmht.com

Website: www.cmht.com