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Case Status:    DISMISSED    
On or around 10/18/2004 (Date of order of final judgment)

Filing Date: February 17, 2004

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.

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 #: 04-CV-01344
JUDGE: Hon. Charles L. Brieant
DATE FILED: 02/17/2004
CLASS PERIOD START: 03/05/2001
CLASS PERIOD END: 04/24/2002
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 Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  3. 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
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