NEW YORK, April 30, 2004 (PRIMEZONE) -- In addition to the over 2,500 claims that have been filed on behalf of current and former MCI and WorldCom shareholders by Parker & Waichman (www.yourlawyer.com), and affiliated counsel, Parker & Waichman announces that it has recently been contacted by over 1,000 additional current and former MCI (Pink Sheets:WCOEQ) (Pink Sheets:MCWEQ) (Pink Sheets:MCIAV) shareholders and employees. Many of these current and former shareholders have just learned that shares trading under WCOEQ and MCWEQ are essentially worthless and will not benefit from MCI's emergence from bankruptcy. Parker & Waichman continues to provide free lawsuit case evaluations for all current and former WorldCom and MCI shareholders and employees at www.worldcomstockfraud.com .
Recently, MCI, formerly WorldCom Inc., emerged from bankruptcy after filing for Chapter 11 protection In July 2002, shortly after the Company's securities fraud and accounting irregularities came to light. MCI will issue a new class of stock, with most of the new shares going to former debt-holders. These shares of MCI have been trading on a "when-issued" basis for months under the symbol MCIAV. Once these shares are actually issued, they will start trading on the over-the-counter market. MCI will likely seek a listing for these shares on the Nasdaq Stock Market. WCOEQ and MCWEQ shareholders will not receive any of the newly issued shares of MCI.
To date, Parker & Waichman and affiliated counsel represent over 2,500 current and former MCI and WorldCom shareholders. Parker & Waichman believes many shareholders may benefit from opting out of the class action to pursue individual claims. The previous February 20, 2004 opt-out deadline has been extended, but no new opt-out deadline has been announced. Parker & Waichman will publish the new opt-out deadline on its websites as soon as it becomes available. Current and former WorldCom and MCI shareholders and employees can visit http://www.worldcomstockfraud.com and http://www.worldcomclassaction.com to view and download the WorldCom class action opt-out form entitled, "Notice of Class Action."
Current and former shareholders who desire to opt-out of the WorldCom class action lawsuit must mail the opt-out form or required information before the opt-out deadline. This will permit them to pursue individual claims against the defendants, including Salomon Smith Barney. Current and former WorldCom and MCI shareholders who do not specifically opt-out of the class action by filing the required form or information are automatically included in the class action lawsuit.
If You Desire To Opt-Out Of The WorldCom Class Action Lawsuit, You Must Act By Filing The Opt-Out Form or Required Information or You Will Be Automatically Included In The Class Action.
For more information on Parker & Waichman, LLP please visit http://www.yourlawyer.com or call 1-800-LAW-INFO. Current and former shareholders are also encouraged to visit http://www.injurytalk.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca