Lovell Stewart Halebian LLP Announces Class Action Lawsuit Against Global Crossing Ltd., Officers and Directors

Business Wire, May 3, 2004

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--May 3, 2004

May 3, 2004- The law firm of Lovell Stewart Halebian LLP ((212) 608-1900 or www.lshllp.com) filed a class action lawsuit on May 3, 2004 on behalf of all persons who purchased, converted, exchanged or otherwise acquired the common stock of Global Crossing Ltd. (formerly NasdaqNM:GLBC; currently NasdaqNM:GLBCE) between December 9, 2003 and April 29, 2004, inclusive. The lawsuit, which asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated by the SEC thereunder and seeks to recover damages, is pending in the U.S. District Court for the District of New Jersey. Any member of the class may move the Court to be named lead plaintiff. If you wish to serve as lead plaintiff, you must move the Court no later than June 29, 2004.

Defendants named in the complaint include Global Crossing and certain of its officers and directors including its CEO, John J. Legere, and its CFO, Daniel O'Brien. According to the complaint, defendants made misstatements of material facts and omitted to state material facts in their public statements and elsewhere, including understating the sums paid by Global Crossing in order to gain access to other companies' telephone and data networks by at least $50 million during the years 2002 and 2003, affirmatively misrepresenting the stability and reliability of Global Crossing's internal accounting controls implemented as a result of the Company's previously alleged accounting fraud, materially overstating Global Crossing's net income for 2002 and 2003, and failing to disclose that Global Crossing's internal accounting controls suffered from material weaknesses.

The complaint alleges that after the disclosure of the foregoing on April 27 and 29, 2004, Global Crossing's share price tumbled from over $18.00 per share to as low as $7.15 per share, down from a class period high of $34.00.

Lovell Stewart Halebian and its predecessor firms have been appointed lead counsel or co-lead counsel in numerous significant class actions, including actions involving reportedly the largest class action recoveries in history under the Commodity Exchange Act, and the Investment Company Act of 1940. These large recoveries for class plaintiffs include the $1.027 billion recovery in In re: NASDAQ Market-Makers Antitrust Litigation and a $145.35 million recovery in 1999 in In re: Sumitomo Copper Litigation, a class action against various parties who conspired to manipulate the worldwide copper and copper futures markets for their own profit.

Lovell Stewart Halebian LLP currently represents the investor with the largest financial interest and serves on the Executive Committee in the consolidated class action litigation arising out of Global Crossing's previous alleged accounting fraud, In re: Global Crossing Ltd. Sec, Litig., No. 02-CV-910 (GEL). Class plaintiffs have thus far recovered over $325 million in damages for class members in that litigation, including a $55 million payment from Gary Winnick, Global Crossing's founder and former chairman.

Investors who acquired the common stock of Global Crossing between December 9, 2003 and April 29, 2004, inclusive, may contact Lovell Stewart Halebian LLP at the telephone number, address or E-mail address below for more information regarding the class action lawsuit. Investors can also visit Lovell Stewart Halebian's website at www.lshllp.com to view a copy of the complaint.