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Case Status:    SETTLED
On or around 12/22/2005 (Settlement hearing date)

Filing Date: August 08, 2001

According to the docket, on December 22, 2005, the Court entered the Order signed by U.S. District Judge Charles L. Brieant awarding Plaintiffs' Co-Lead Counsel 30% of the Settlement Fund in attorney's fees, and $538,540.28 in reimbursement of expenses. Lead Plaintiffs were awarded $9,054.02 in reasonable costs and expenses (including lost wages) directly relating to their representation of the Class.

In a press release dated October 13, 2005, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Southern District of New York, that the case known as In re Metromedia Fiber Network, Inc. Securities Litigation, No. 01 Civ. 7353 (CLB), has been certified as a class action and that a settlement with the Defendants has been proposed. A hearing will be held before the Hon. Charles L. Brieant, United States District Judge, on December 22, 2005 at 10:00 a.m. at the United States Courthouse, 300 Quarropas Street, Courtroom 218, White Plains, New York 10601. The purpose of the hearing will be, among other things, to determine whether the proposed settlement is fair, reasonable, and adequate and should be approved, and to consider an application by Plaintiffs' Co-Lead Counsel for attorney's fees and reimbursement of expenses.

By the Settlement described in the Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys’ Fees and Expenses and Settlement Hearing, a Settlement Fund consisting of $8,750,000 in cash, plus interest, has been established. MFN was originally named as a defendant in this action. On May 20, 2002, MFN filed for bankruptcy protection in the United States Bankruptcy Court for the Southern District of New York, and was subsequently dismissed as a defendant from the action.

On November 30, 2001, the Court consolidated the actions and appointed lead plaintiff and lead counsel. On March 1, 2002, a Consolidated Amended Class Action Complaint was filed, and on May 3, 2002, the defendants responded my filing a motion to dismiss. On November 13, 2002, the Court entered the Order signed by U.S. District Judge Charles L. Brieant denying the defendants’ motion to dismiss the complaint.

The original Complaint alleges that defendants 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 between January 8, 2001 and July 2, 2001, thereby artificially inflating the price of Metromedia securities. Specifically, throughout the Class Period, defendants issued multiple press releases announcing and highlighting Metromedia's receipt of a $350 million credit facility from Citicorp USA, Inc. ("Citicorp") which would enable Metromedia to complete the construction of an extensive fiber optic network. These statements were materially false and misleading because defendants failed to disclose that (1) the Citicorp credit facility was contingent on the receipt of additional commitments from other lenders and that Metromedia was experiencing difficulty obtaining such commitments given the distressed market for telecom companies; (2) the further development of the Company's fiber optic network would be significantly delayed without obtaining the credit facility which was dependent on obtaining the necessary additional loan commitments; and (3) based on the foregoing, defendants' statements about the Company and its prospects were lacking in a reasonable basis at all times. Finally, on July 2, 2001, Metromedia issued a press release announcing that it received an extension of the commitment letter for its $350 million credit facility from Citicorp and revealed for the first time that the commitment letter from Citicorp was subject to the receipt of commitments from other lenders in the amount of $287.5 million. In response to this announcement, shares of Metromedia's stock closed at $1.95 per share on July 2, 2001, a far cry from the class period high of $19.06 reached on January 19, 2001.

COMPANY INFORMATION:

Sector: Services
Industry: Communications Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MFNX
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 01-CV-7353
JUDGE: Hon. Charles L. Brieant
DATE FILED: 08/08/2001
CLASS PERIOD START: 01/08/2001
CLASS PERIOD END: 07/02/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Abbey Gardy & Squiteri LLP (San Francisco)
    595 Market Street, Suite 2500, Abbey Gardy & Squiteri LLP (San Francisco), CA 94105
    415.538.3725 ·
  2. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  3. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  4. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  5. Brodsky & Smith, LLC (former Pennysylvania)
    11 Bala Avenue, Suite 39, Brodsky & Smith, LLC (former Pennysylvania), PA 19004
    610.668.7987 610.660.0450 · esmith@Brodsky-Smith.com
  6. Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL)
    One Boca Place. 2255 Glades Road, Suite 421A, Cauley Geller, Bowman Coates & Rudman, LLP (Boca Raton, FL), FL 33431
    561.750.3000 561.750.3364 ·
  7. Faruqi & Faruqi LLP (New York) (former)
    320 East 39th Street, Faruqi & Faruqi LLP (New York) (former), NY 10016
    212.983.9330 212.983.9331 · Nfaruqi@faruqilaw.com
  8. Kirby McInerney & Squire LLP
    830 Third Avenue 10th Floor, Kirby McInerney & Squire LLP, NY 10022
    212.317.2300 ·
  9. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  10. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  11. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  12. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  13. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  14. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
  15. Zwerling, Schachter, Zwerling & Koppell LLP
    767 Third Avenue , Zwerling, Schachter, Zwerling & Koppell LLP, NY 10017
    ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 01-CV-7353
JUDGE: Hon. Charles L. Brieant
DATE FILED: 03/01/2002
CLASS PERIOD START: 01/08/2001
CLASS PERIOD END: 07/02/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goodkind Labaton Rudoff & Sucharow LLP
    100 Park Avenue, Goodkind Labaton Rudoff & Sucharow LLP, NY 10017
    212.907.0700 212.818.0477 · info@glrslaw.com
  2. Milberg Weiss Bershad & Schulman LLP (New York)
    One Pennsylvania Plaza, 49th Floor, Milberg Weiss Bershad & Schulman LLP (New York), NY 10119
    212.594.5300 212.868.1229 · info@milbergweiss.com
  3. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
No Document Title Filing Date
No Document Title Filing Date