NEW YORK, Feb. 6, 2004 (PRIMEZONE) -- Parker & Waichman (www.worldcomstockfraud.com) has learned that the deadline to "opt-out" of the WorldCom (Pink Sheets:WCOEQ) (Pink Sheets:MCWEQ) & (Pink Sheets: MCIAV) class action lawsuit certified by Judge Cote last year has been extended beyond the previously announced February 20, 2004 deadline. This follows a ruling that was issued on February 3, 2004 by the United States Court of Appeals for the Second Circuit in New York stating that the deadline has been extended to "at least 30 days beyond the Court's mandate issues." Parker & Waichman will provide the specific opt-out deadline when it is made available. Parker & Waichman is applauding the decision to extend the "opt out" deadline, as it allows WorldCom and MCI shareholders more time to properly evaluate their legal options. Parker & Waichman continues to offer free WorldCom and MCI case evaluations at www.worldcomstockfraud.com and www.worldcomemployeelawsuit.com.
Parker & Waichman has learned that many current and former WorldCom and MCI shareholders who are included in the class action lawsuit have not received the "notice of class action" and that this delay has occurred because several brokerage firms have been slow in delivering the names and addresses of current and former WorldCom and MCI shareholders to the lead counsel for the plaintiffs. Most shareholders held shares of WorldCom and MCI in "street name," meaning that the shares were in the name of the brokerage firm holding the securities. Only shareholders who had requested physical stock certificates would be officially listed as shareholders. Parker & Waichman has made the "notice of class action" available at www.worldcomclassaction.com.
"We are pleased that the deadline to opt out of the class action lawsuit has been extended," stated Jerrold Parker, partner at Parker & Waichman. "Shareholders who were not officially listed as such by their brokerage firms will be given time to review the 'notice of class action' and to evaluate the legal options available to them." Parker & Waichman and associated counsel are currently representing over 2000 current and former WorldCom and MCI shareholders. The majority of retained clients consist of Salomon Smith Barney clients, current and former WorldCom & MCI Employees, and other investors with losses in excess of $300,000. Parker & Waichman believes that shareholders who sustained financial losses as a result of their WorldCom securities holdings may be better served by filing an individual claim against the defendants rather participating in the class action.
For more information on Parker & Waichman, LLP please visit www.yourlawyer.com or call 1-800-LAW-INFO. Current and former shareholders are also encouraged to visit www.injurytalk.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca