Shareholder Class Action Filed Against Winstar Communications, Inc. By the Law Firm of Schiffrin & Barroway, LLP

Apr 25, 2001, 01:00 ET from Schiffrin & Barroway, LLP

    BALA CYNWYD, Pa., April 25 /PRNewswire/ -- The following statement was
 issued today by the law firm of Schiffrin & Barroway, LLP:
     Notice is hereby given that a class action lawsuit was filed in the United
 States District Court for the Southern District of New York on behalf of all
 purchasers of the common stock of Winstar Communications, Inc. (Nasdaq:   WCII)
 from August 2, 2000 through April 2, 2001, inclusive (the "Class Period").
     If you wish to discuss this action or have any questions concerning this
 notice or your rights or interests with respect to these matters, please
 contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Robert B. Weiser,
 Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
 info@sbclasslaw.com.
     The complaint charges Winstar and certain of its officers and directors
 with issuing false and misleading statements concerning the Company's business
 and financial condition.  The complaint alleges that the Company's announced
 strong financial results were actually the result of improper accounting
 practices in which Winstar capitalized numerous capital expenditures as assets
 instead of expenses and overstated its revenues by improperly reporting
 uncollectible receivables as revenues.  On April 2, 2001, upon its
 announcement that it would be delaying the filing of its Form 10-K because it
 was involved in material transactions that precluded it from making a timely
 filing, Winstar's stock price dropped approximately 40%, from a prior close of
 $2.16 per share to $0.875 per share.  On April 5, 2001, the Company announced
 that it was halting expansion plans and would be laying off approximately half
 of its workforce and the next day, April 6th, the stock price dropped even
 lower, closing at $0.40 per share.
     Plaintiff seeks to recover damages on behalf of class members and is
 represented by the law firm of Schiffrin & Barroway, LLP, who has significant
 experience and expertise prosecuting class actions on behalf of investors and
 shareholders.  For more information on Schiffrin & Barroway, or to sign-up to
 participate in this action online, please visit www.sbclasslaw.com.
     If you are a member of the class described above, you may, not later than
 June 11, 2001, move the Court to serve as lead plaintiff of the class, if you
 so choose.  In order to serve as lead plaintiff, however, you must meet
 certain legal requirements.
 
      CONTACT:  Schiffrin & Barroway, LLP
                Marc A. Topaz, Esq.
                Robert B. Weiser, Esq.
                Three Bala Plaza East, Suite 400, Bala Cynwyd, PA  19004
                1-888-299-7706 (toll free) or 1-610-667-7706
                Or by e-mail at info@sbclasslaw.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X66751762
 
 

SOURCE Schiffrin & Barroway, LLP
    BALA CYNWYD, Pa., April 25 /PRNewswire/ -- The following statement was
 issued today by the law firm of Schiffrin & Barroway, LLP:
     Notice is hereby given that a class action lawsuit was filed in the United
 States District Court for the Southern District of New York on behalf of all
 purchasers of the common stock of Winstar Communications, Inc. (Nasdaq:   WCII)
 from August 2, 2000 through April 2, 2001, inclusive (the "Class Period").
     If you wish to discuss this action or have any questions concerning this
 notice or your rights or interests with respect to these matters, please
 contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Robert B. Weiser,
 Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
 info@sbclasslaw.com.
     The complaint charges Winstar and certain of its officers and directors
 with issuing false and misleading statements concerning the Company's business
 and financial condition.  The complaint alleges that the Company's announced
 strong financial results were actually the result of improper accounting
 practices in which Winstar capitalized numerous capital expenditures as assets
 instead of expenses and overstated its revenues by improperly reporting
 uncollectible receivables as revenues.  On April 2, 2001, upon its
 announcement that it would be delaying the filing of its Form 10-K because it
 was involved in material transactions that precluded it from making a timely
 filing, Winstar's stock price dropped approximately 40%, from a prior close of
 $2.16 per share to $0.875 per share.  On April 5, 2001, the Company announced
 that it was halting expansion plans and would be laying off approximately half
 of its workforce and the next day, April 6th, the stock price dropped even
 lower, closing at $0.40 per share.
     Plaintiff seeks to recover damages on behalf of class members and is
 represented by the law firm of Schiffrin & Barroway, LLP, who has significant
 experience and expertise prosecuting class actions on behalf of investors and
 shareholders.  For more information on Schiffrin & Barroway, or to sign-up to
 participate in this action online, please visit www.sbclasslaw.com.
     If you are a member of the class described above, you may, not later than
 June 11, 2001, move the Court to serve as lead plaintiff of the class, if you
 so choose.  In order to serve as lead plaintiff, however, you must meet
 certain legal requirements.
 
      CONTACT:  Schiffrin & Barroway, LLP
                Marc A. Topaz, Esq.
                Robert B. Weiser, Esq.
                Three Bala Plaza East, Suite 400, Bala Cynwyd, PA  19004
                1-888-299-7706 (toll free) or 1-610-667-7706
                Or by e-mail at info@sbclasslaw.com
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X66751762
 
 SOURCE  Schiffrin & Barroway, LLP