SAN DIEGO, May 4, 2004 (PRIMEZONE) -- Law Offices Of Anatoly Weiser today announced that a securities lawsuit has been commenced on behalf of shareholders who purchased the common stock of Global Crossing Ltd. ("Global Crossing" or the "Company") (Nasdaq:GLBCE) between December 9, 2003 and April 26, 2004, inclusive. The lawsuit was filed in the United States District Court for the Southern District of New York.
The complaint alleges that Global Crossing and certain officers violated sections 10(b) and 20(a) of the Exchange Act, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market during the Class Period. More specifically, the complaint alleges that: (1) the Company had materially understated its accrued cost-of-access liability by $50- $80 million; (2) the Company had insufficient internal controls; and (3) as a result, the Company's financial results were materially inflated at all relevant times. On April 27, 2004, Global Crossing announced that it had initiated a review of its previously reported financial statements for the years ended December 31, 2003 and 2002, including respective interim periods, and that "the company will amend periodic reports previously filed with the SEC to reflect the expected restatement and to revise disclosures related to the internal control issues presented and the company's methodologies for estimating cost of access expenses and reconciling these expenses to vendor invoices." In reaction to the news shares of Global Crossing stock dropped $5.00 per share, or 27.7 percent on April 27, 2004 on heavy trading volume.
If you purchased Global Crossing stock between December 9, 2003 and April 26, 2004, you may move the court no later than June 29, 2004 to serve as a lead plaintiff. The lead plaintiff acts as a representative party on behalf of other class members in directing the litigation. To be a member of the class, you need not take any action at this time. Your ability to share in any recovery is not affected by whether or not you serve as a lead plaintiff.
If you want to discuss your legal rights, you may call or e-mail the Law Offices of Anatoly Weiser who will attempt to answer your questions at no cost or obligation to you. You may contact the Law Offices Of Anatoly Weiser toll-free at (877) 736-5411, by fax at (858) 225-0838 or by email at info@classlawsuit.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca