Winstar Hit With Class Action Filed by Shalov Stone & Bonner

Apr 11, 2001, 01:00 ET from Shalov Stone & Bonner

    NEW YORK, April 11 /PRNewswire/ -- Shalov Stone & Bonner
 (http://www.lawssb.com) issued the following announcement today: A class
 action was commenced on behalf of all persons who purchased the securities of
 Winstar Communications Inc. (Nasdaq: WCII) in the period from August 2, 2000
 to April 2, 2001. The complaint names Winstar, William Rouhana, Richard Uhl
 and Nathan Kantor as defendants.
     The complaint alleges that the defendants made material misrepresentations
 and omissions of material facts concerning the company's business performance
 during the relevant time. According to the complaint, throughout the relevant
 time period, defendants repeatedly assured investors that the company was
 performing well, that the company was enjoying strong growth and that it was
 well-funded to follow its growth-oriented business plan through the first
 quarter of 2002. At the same time, however, the complaint alleges that the
 defendants knew or recklessly disregarded that Winstar was overstating
 revenues and assets. In April 2001, contrary to prior representations, Winstar
 announced that it was halting its expansion and laying off thousands of
 employees. The company has delayed the filing of its annual Report on
 Form 10-K with the SEC and its stock price has collapsed. The lawsuit was
 filed yesterday in the United States District Court for the Southern District
 of New York.
     Plaintiffs are represented by the law firm of Shalov Stone & Bonner, which
 has extensive experience in the prosecution of class actions on behalf of
 investors. For more information about Shalov Stone & Bonner, please visit the
 firm's website at: http://www.lawssb.com
     If you are a member of the class described above, you may, not later than
 sixty days from today 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, as set forth in the Private Securities Litigation
 Reform Act of 1995.
     If you would like to participate in this action or would like additional
 information about the lawsuit, please visit the firm's website at
 http://www.lawssb.com
     You may also contact the firm by mail or email. Shalov Stone & Bonner
 (Mark J. Nemetz, Law Clerk), 276 Fifth Avenue, Suite 704, New York, New York
 10001, email: mark@lawssb.com
 
 

SOURCE Shalov Stone & Bonner
    NEW YORK, April 11 /PRNewswire/ -- Shalov Stone & Bonner
 (http://www.lawssb.com) issued the following announcement today: A class
 action was commenced on behalf of all persons who purchased the securities of
 Winstar Communications Inc. (Nasdaq: WCII) in the period from August 2, 2000
 to April 2, 2001. The complaint names Winstar, William Rouhana, Richard Uhl
 and Nathan Kantor as defendants.
     The complaint alleges that the defendants made material misrepresentations
 and omissions of material facts concerning the company's business performance
 during the relevant time. According to the complaint, throughout the relevant
 time period, defendants repeatedly assured investors that the company was
 performing well, that the company was enjoying strong growth and that it was
 well-funded to follow its growth-oriented business plan through the first
 quarter of 2002. At the same time, however, the complaint alleges that the
 defendants knew or recklessly disregarded that Winstar was overstating
 revenues and assets. In April 2001, contrary to prior representations, Winstar
 announced that it was halting its expansion and laying off thousands of
 employees. The company has delayed the filing of its annual Report on
 Form 10-K with the SEC and its stock price has collapsed. The lawsuit was
 filed yesterday in the United States District Court for the Southern District
 of New York.
     Plaintiffs are represented by the law firm of Shalov Stone & Bonner, which
 has extensive experience in the prosecution of class actions on behalf of
 investors. For more information about Shalov Stone & Bonner, please visit the
 firm's website at: http://www.lawssb.com
     If you are a member of the class described above, you may, not later than
 sixty days from today 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, as set forth in the Private Securities Litigation
 Reform Act of 1995.
     If you would like to participate in this action or would like additional
 information about the lawsuit, please visit the firm's website at
 http://www.lawssb.com
     You may also contact the firm by mail or email. Shalov Stone & Bonner
 (Mark J. Nemetz, Law Clerk), 276 Fifth Avenue, Suite 704, New York, New York
 10001, email: mark@lawssb.com
 
 SOURCE  Shalov Stone & Bonner