Case Page

 

Case Status:    DISMISSED    
On or around 03/01/2006 (Other)

Filing Date: August 02, 2002

According to the Opinion and Order, entered on March 1, 2006, in light of a decision from the Second Circuit issued after this Court's original order, see Lentell v. Merrill Lynch & Co., 396 F.3d 161 (2d Cir.2005), the motion to reconsider the dismissal of plaintiffs' claims will be granted. Upon reconsideration, however, the Court will again grant defendants' motion to dismiss. Plaintiffs' motion for leave to amend the complaint will be denied.

On January 31, 2003, the Court entered the Order consolidating several actions that were filed on behalf of purchasers of the common stock of Winstar Communications, Inc., under In re Salomon Analyst Winstar Litigation, 02-CV-6171 (BSJ). On October 15, 2003, and Amended Complaint was filed, and on December 23, 2003, the defendants responded by filing a motion to dismiss the Amended Complaint. On January 12, 2005, the Court entered the Opinion and Order #91092, signed by U.S. District Judge Gerard E. Lynch, granting the defendants’ motion to dismiss the Amended Complaint with prejudice. On January 21, 2005, the lead plaintiffs filed a motion for reconsideration of the Court’s Opinion and Order.

The original Complaint alleges that Salomon and Grubman violated the federal securities laws by knowingly issuing false and misleading analyst reports regarding Winstar during the Class Period. The Complaint alleges that Defendants failed to disclose a significant conflict of interest between their investment banking and research departments. Specifically, the Complaint alleges that Salomon and Grubman issued very favorable analyst reports regarding Winstar to the public when they allegedly knew that the positive recommendations were unwarranted and false. The Complaint further alleges that, unbeknownst to the investing public, Salomon's buy recommendations and price targets for Winstar were driven by its efforts to attract lucrative investment banking business rather than by Winstar's fundamental merits.

COMPANY INFORMATION:

Sector: Financial
Industry: Money Center Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: WCII
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 #: 02-CV-6171
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 08/02/2002
CLASS PERIOD START: 01/25/2001
CLASS PERIOD END: 04/17/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Finkelstein, Thompson & Loughran
    1050 30th Street, NW, Finkelstein, Thompson & Loughran, DC 20007
    202.337.8000 202.337.8090 · contact@ftllaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-6171
JUDGE: Hon. Lewis A. Kaplan
DATE FILED: 10/15/2003
CLASS PERIOD START: 01/25/2001
CLASS PERIOD END: 04/17/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berger & Montague PC
    1622 Locust Street, Berger & Montague PC, PA 19103
    800.424.6690 215.875.4604 · investorprotect@bm.net
  2. Shalov Stone & Bonner LLP (New York)
    485 Seventh Avenue, Suite 1000, Shalov Stone & Bonner LLP (New York), NY 10018
    212.239.4340 212.239.4310 · lawyer@lawssb.com
  3. Shapiro Haber & Urmy LLP (Boston)
    75 State Street, Shapiro Haber & Urmy LLP (Boston), MA 02109
    617.439.3939 617.439.0134 · info@shulaw.com
  4. 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
No Document Title Filing Date
No Document Title Filing Date