Salomon, Grubman sued over Level 3

Fiber Optics Weekly Update, Sept 13, 2002

The following statement was issued by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Level 3 Communications common stock between January 4, 1999 and June 18, 2001, inclusive.

The complaint alleges that Salomon Smith Barney Inc., Jack Grubman, and Morgan Stanley Dean Witter & Co. Inc. urged investors to purchase Level 3 stock when they knew or should have known that such purchases were not a good investment. Specifically, the complaint alleges that defendants issued "Buy" recommendations about Level 3 without any rational economic basis; failed to disclose that they were issuing "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interest that prevented them from providing independent objective analysis.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, which prosecutes class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit http://www.sbclasslaw.com/cgi/signup.cgi.