The Law Firm of Lasky & Rifkind, Ltd. Announces Class Action Lawsuit Against Global Crossing Ltd

Business Wire, May 6, 2004

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--May 6, 2004

Lasky & Rifkind, Ltd., a law firm with offices in New York and Chicago, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Global Crossing Ltd. ("Global Crossing" or the "Company") (NASDAQ: GLBCE) between December 9, 2003 and April 26, 2004, inclusive, (the "Class Period"). The lawsuit was filed against Global Crossing and John Legere and Daniel P. O'Brien ("Defendants").

If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at investorrelations@laskyrifkind.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than June 29, 2004 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.

The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Specifically, the complaint alleges that during the Class Period Defendants failed to disclose or misrepresented that the Company had materially understated its accrued cost of access liability by $50 million to $80 million and that the Company had insufficient internal controls to detect the understatement of costs.

On April 27, 2004, Global Crossing announced that it had begun a review of its previously reported financial statements for the calendar years 2003 and 2002, and also indicated that it would "amend" periodic reports filed with the Securities and Exchange Commission ("SEC") to reflect the expected restatement and to revise its disclosures with respect to the internal control issues that are now apparent. Shares of Global Crossing reacted negatively to the news, falling approximately $5 per share, or 27.7% in heavy volume to close at $13.20 per share.

If you bought Global Crossing securities between December 9, 2003 and April 26, 2004, inclusive, and would like to obtain information about the lawsuit, then you are invited to call 800-495-1868 to speak with an advisor.