Ernst & Young, LLP : Metromedia Fiber Network

Company and Case Information

IMPORTANT INFORMATION | INDEX OF FILINGS | SEARCH

Home

Index of Filings

News and Press Releases

Filings

Decisions

Settlements

Litigation Activity Indices

Top Ten List

Annual/Quarterly Updates

Clearinghouse Research

Articles & Papers

Search

Related Sites

About Us

Local Rules

Sponsors

Register

_______________
Copyright (c) 2001
Stanford Law School

Ernst & Young, LLP : Metromedia Fiber Network Conclusion: According to the docket, on October 18, 2004, the Court entered the Order by U.S. District Judge Charles L. Brieant granting the motion to dismiss the action against all Defendants.

According to the complaint, plaintiffs bring this class action for violations of the Securities Exchange Act of 1934, against Ernst & Young LLP and certain senior officers and directors of Metromedia Fiber Network, Inc. (MFN) on behalf of a proposed class of persons who purchased or otherwise acquired Metromedia common stock during the Class Period. During the Class Period, the Individual Defendants knowingly and/or recklessly caused MFN to issue to the investing public materially false and misleading financial statements, press releases, SEC filings that materially misstated, inter alia, Metromedia’s assets, revenues, expenses and net losses in violation of the federal securities laws. Among other things, although the value of MFN’s highly touted fiber optic network and goodwill recorded in connection with its acquisitions of AboveNet Communications, Inc. and SiteSmith, Inc., the Company’s interest subsidiaries, had declined substantially given, inter alia, the oversupply of fiber in the industry and the precipitous decline in the value of telecom and internet companies, including MFN, that occurred beginning in early 2000, defendants failed to write down the value of theses assets to fair market value as required by Generally Accepted Accounting Principles (GAAP). As a result, the value of MFN’s assets was materially overstated and its expenses and net losses were materially understated throughout the Class Peroid.

INDUSTRY CLASSIFICATION:
SIC Code: 4899
Sector: Services
Industry: Communications Services

COMPANY/ISSUER NAME:	Metromedia Fiber Network, Inc.
COMPANY/ISSUER TICKER:	MFNX
COMPANY WEBSITE:

FIRST IDENTIFIED COMPLAINT IN THE DATABASE

Sheet Metal Workers' Local Union No. 19 Pension Fund, et al. v. Ernst & Young LLP, et al.

COURT: S.D. New York	DOCKET NUMBER: 04-CV-01344
JUDGE NAME: Hon. Charles L. Brieant
DATE FILED: 02/17/2004	SOURCE: Notice of Filing
CLASS PERIOD START: 03/05/2001	CLASS PERIOD END: 04/24/2002
TYPE OF COMPLAINT: Unamended/Unconsolidated
PLAINTIFF FIRMS IN THIS OR SIMILAR CASE:
Goodkind Labaton Rudoff & Sucharow LLP 100 Park Avenue, New York, NY, 10017 (voice) 212.907.0700, (fax) 212.818.0477, info@glrslaw.com Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY) One Pennsylvania Plaza, New York, NY, 10119-1065 (voice) 212.594.5300, (fax) , Stull, Stull & Brody (New York) 6 East 45th Street, New York, NY, 10017 (voice) 310.209.2468, (fax) 310.209.2087, SSBNY@aol.com _____________________________________________ TOTAL NUMBER OF PLAINTIFF FIRMS: 3

DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT
Class Action Complaint for Violation of the Federal Securities Laws - Jury Trial Demanded
Type: Complaint		Date on the document: 02/17/2004
Order Appointing Lead Plaintiffs and Approving Selection of Co-Lead Counsel
Type: Order		Date on the document: 06/18/2004
U.S. District Court Civil Docket
Type: Docket		Date on the document: 10/18/2004

OTHER DOCUMENTS

Case Name and/or Number:
Type:		Date on the document:

WARNING AND DISCLAIMER OF LIABILITY:
The information included on this Web site, whether provided by personnel employed by Stanford Law School or by third parties, is provided for research and teaching purposes only. Neither Stanford University, Stanford Law School, nor any of their employees, agents, contractors, or affiliates warrant the accuracy or completeness of the information or analyses displayed herein, and we caution all readers that inclusion of any information on this site does not constitute an endorsement of the truthfulness or accuracy of that information. In particular, this Web site contains complaints and other documents filed in federal and state courts, which make allegations that may or may not be accurate. No reader should, on the basis of information contained in or referenced by this Web site, assume that any of these allegations are truthful.

Go to Search page | Go to Case Index page | Back to Top

�