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Case Status:    SETTLED
On or around 10/02/2006 (Date of order of final judgment)

Filing Date: August 30, 2002

On September 29, 2006, the Court entered the Final Judgment and Order of Dismissal, signed by U.S. District Judge Gerard E. Lynch, settling the action. On November 22, 2006, the plaintiffs filed a motion to set aside co-lead counsel's proposed allocation of attorneys' fees. On January 18, 2007, the Court entered the Order that the motion is deemed withdrawn.

According to a press release dated July 17, 2006, the Securities Arbitration Law Firm of Klayman & Toskes, P.A., representing numerous high net-worth investors throughout the nation, advises all Salomon Smith Barney ("Smith Barney") n/k/a Citigroup Global Markets, Inc. customers who are eligible to participate in the Settlement of the In Re Salomon Analyst Level 3 Litigation ("Class Action") (No. 02 Civ. 6919 (GEL)), that they have until August 31, 2006 to opt-out of the Class. As part of the settlement of the Class Action, Smith Barney has agreed to pay the Class $10.25 million. However, this amount represents only a fraction of Level 3's market capital losses which were in excess of $30 billion during the class period of January 4, 1999 through June 18, 2001.

As summarized by the docket, on January 28, 2003, the Court entered the Order signed by U.S. District Judge Barbara S. Jones consolidating the actions into In re Salomon Analyst Level 3 Litigation, 02-CV-6919 (BSJ). On October 15, 2003, the plaintiffs filed a Consolidated Class Action Complaint, and the defendants responded by filing a motion to dismiss the claims in the complaint with prejudice. On December 2, 2004, the Court issued the Opinion and Order #90956 by U.S. District Judge Gerard E. Lynch granting in part and denying in part the motion to dismiss. The plaintiffs filed a motion for partial reconsideration of the December 2 Order, but on January 20, 2005, the Court issued the Memorandum and Opinion # 91136 denying the motion. On January 25, 2005, the plaintiffs filed a motion to dismiss pursuant to 15 U.S.C. sections 78u-4 et seq and Rule 12(b)(6) of the Federal Rules of Civil Procedure. On August 22, 2005, the Court issued the Order withdrawing the defendants' renewed motion to dismiss, without prejudice to its reinstatement if the settlement is for any reason not consummated. On May 18, 2006, the Court issued an Order preliminarily approving a settlement. Further, the Court will hold a settlement hearing on 09/29/06 at 10:30 a.m. in Courtroom 6B, United States Courthouse, 500 Pearl Street, NY, NY.

The original complaint alleges that Defendants urged investors to purchase Level 3 stock when they knew or should have known that such purchases were not a good investment. The complaint alleges that defendants issued "Buy" recommendations about Level 3 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 interest that prevented them from providing independent objective analysis.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: LVLT
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-6919
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 08/30/2002
CLASS PERIOD START: 01/04/1999
CLASS PERIOD END: 06/18/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (Former New York)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (Former New York), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  2. 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 ·
  3. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  4. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 02-CV-6919
JUDGE: Hon. Alvin K. Hellerstein
DATE FILED: 10/15/2003
CLASS PERIOD START: 01/04/1999
CLASS PERIOD END: 06/18/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Beatie & Osborne LLP
    599 Lexington Avenue, 42nd Floor, Beatie & Osborne LLP, NY 10022
    212.888.9000 212.888.9664 ·
  2. 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
  3. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY)
    825 Third Avenue - 30th Floor, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (New York, NY), NY 10022
    212.838.7797 212.838.7745 · lawinfo@cmht.com
  4. Labaton Sucharow & Rudoff LLP
    100 Park Avenue, 12th Floor, Labaton Sucharow & Rudoff LLP, NY 10017
    212.907.0700 212.818.0477 · info@labaton.com
  5. Murray, Frank & Sailer LLP
    275 Madison Ave 34th Flr, Murray, Frank & Sailer LLP, NY 10016
    212.682.1818 212.682.1892 · email@murrayfrank.com
  6. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  7. 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
  8. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
  9. WeissLaw LLP
    551 Fifth Avenue, Suite 1600, WeissLaw LLP, NY 10176
    212.682.3025 212.682-3010 · info@wllawny.com
  10. Zimmerman, Levi & Korsinsky, LLP
    39 Broadway, Suite 1440, Zimmerman, Levi & Korsinsky, LLP, NY 10006
    212.363.7500 212.363.7171 ·
No Document Title Filing Date
No Document Title Filing Date