NEW YORK, Nov. 8, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02 CV 8940, on behalf of all persons or entities who purchased or otherwise acquired securities of Metromedia Fiber Network, Inc. ("Metromedia Fiber" or the "Company") (Nasdaq:MFNX) between November 25, 1997 and July 25, 2001, both dates inclusive (the "Class Period"). Jack Grubman and Salomon Smith Barney, Inc. are named as defendants in the complaint.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The complaint charges that Jack Grubman and Salomon Smith Barney, Inc. with violations of the Securities Exchange Act of 1934. Specifically, the complaint alleges that defendants Salomon and Grubman urged investors to purchase Metromedia Fiber stock when defendants knew or should have known that such purchases were not a good investment. The complaint alleges that defendants issued "Buy" recommendations about Metromedia Fiber 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 interests that prevented them from providing independent objective analysis.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased Metromedia Fiber securities during the Class Period described above, you may, no later than December 6, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.