Salomon Smith Barney - Metromedia Fiber Network, Inc. (OTC: MFNXQ)
In In re Salomon Analyst (MFN) Litigation
, NPR serves as Class Counsel for the Lead Plaintiffs and Class Representative. In our complaint, we allege that Citigroup, Salomon Smith Barney and Jack Grubman violated the federal securities laws by issuing analyst reports that recommended the purchase of Metromedia common stock based upon Defendants' misleading reports that Metromedia would successfully close a $350 million credit facility for which Citibank was acting as its investment banker. The complaint alleges that Defendants failed to disclose material, non-public, adverse information that the credit facility would not close in an effort to keep Metromedia's stock price from crashing. The Court upheld these claims against Defendants.
We have completed merits discovery in this case, including taking the depositions of Citibanks's former CEOs Sanford Weill and Charles Prince after wininng a hotly contested battle over whether we should be allowed to depose them. We also won an order certifying the case to proceed as a class action. The trial court's certification order is on appeal to the United States Court of Appeals for the Second Circuit, which heard oral argument on January 30, 2008. After a ruling is entered by the Second Circuit, we expect the case will proceed for final pre-trial motions and trial.
For updates and documents related to the settlement notice and process, please go to:
Class Period: 03.08.01 - 07.25.01
View Order Denying Motions to Dismiss
View Order Regarding Weil and Prince Depositions
View Order Granting Class Certification
View Stipulation of Settlement
View Notice of Pendency and Proposed Settlement of Class Action
View Proof of Claim and Release
View Preliminary Approval Order