NEW YORK, March 7, 2003 (PRIMEZONE) -- Notice is hereby given that a securities class action lawsuit was filed in the United States District Court for the District of Kansas on behalf of purchasers of Sprint FON Group ("Sprint" or the "Company") (NYSE:FON) common stock during the period February 1, 2001 and February 5, 2003 (the "Class Period").
If you purchased Sprint securities during the Class Period, you may, no later than April 15, 2003, move the court to serve as a lead plaintiff, provided you meet certain legal requirements. To serve as a Lead Plaintiff, you will be required to sign the Certification, as provided on our website at www.nyclasslaw.com/join.html.
The Complaint alleges that defendant violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market, thereby artificially inflating the price of Sprint securities. The complaint charges that defendants, the Sprint Corporation ("Sprint" or the "Company"), Ernst & Young LLP ("Ernst & Young"), William Esrey ("Esrey"), and Ronald Lemay ("Lemay") violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of materially false and misleading statements to the market between February 1, 2001 and February 5, 2003. Specifically, that press releases, SEC filings and disclosures distributed by the Company during calendar years 2001 and 2002, were each materially false and misleading because they failed to disclose that Sprint, with the help of Ernst & Young, had improperly avoided substantial tax liabilities as a result of its employees exercising numerous stock options.
Plaintiff seeks to recover damages on behalf of all purchasers or acquirers of Sprint securities during the Class Period. Plaintiff is represented in this class action by the law firm of Bull & Lifshitz, LLP. Bull & Lifshitz, LLP has extensive experience in litigating investor class actions. For more information regarding Bull & Lifshitz, LLP, please view our website at www.nyclasslaw.com.
For an information package (www.nyclasslaw.com/infopackage.html) or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Peter D. Bull, Esq. or Joshua M. Lifshitz, Esq., Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at counsel@nyclasslaw.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.