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IN RE SALOMON ANALYST LITIGATION
March 20, 2003
IN RE: SALOMON ANALYST LITIGATION
The opinion of the court was delivered by: Gerard E. Lynch, District Judge
CASE MANAGEMENT ORDER NO. 2
On January 24, 2003, this Court entered the first Case Management Order in this litigation, which directed, among other things, the consolidation of actions brought by shareholders of the same securities issuer. In each of these consolidated actions, those shareholders who wish to be appointed Lead Plaintiff have now submitted their respective motions and supporting documentation to the Court. The parties having appeared before the Court on March 12, 2003, and in accordance with its statutory obligations under the Private Securities Litigation Reform Act of 1995 (PSLRA), the Court hereby adopts a presumption that the following plaintiffs — who, in the determination of the Court, have the largest financial interest in the relief sought by the proposed class, and who, the Court finds, otherwise satisfy the requirements of Rule 23 of the Federal Rule of Civil Procedure — are the most adequate plaintiffs for their respective actions:
Consolidated Action Presumptive Most Adequate Plaintiff
(1) WorldCom, 02 Civ. 3687 (GEL) New York State Common Retirement
(2) Global Crossing, 02 Civ. 3985 (GEL) Ohio Retirement Systems
(3) Winstar, 02 Civ. 6171 (GEL) "Ahearn Group" as defined in
(4) AT&T, 02 Civ. 6801 (GEL) Louisiana State Employee Retirement
System ("LSERS") and Private Asset
(5) Level 3, 02 Civ. 6919 (GEL) "Level 3 Group" consisting of Richard
Garland, Douglas Lippold and
(6) Metromedia, 02 Civ. 7966 (GEL) "Metromedia Group" as defined in moving
(7) XO, 02 Civ. 8114 (GEL) "Schutt Group" as defined in moving papers
(8) Williams, 02 Civ. 8156 (GEL) "Williams Group" as defined in moving
(9) Rhythms Net, 03 Civ. 0528 (GEL) "Horoshak Group" as defined in moving
The Court has given interested plaintiffs in each class an opportunity to rebut the presumption of most adequate plaintiff in each of these consolidated actions, both in written submissions and in a hearing on March 12, 2003.
Now, therefore, it is ORDERED that:
In accordance with the requirements of the PSLRA, the Court hereby appoints each of the most adequate plaintiffs listed above as Lead Plaintiff in their respective consolidated action. This Appointment is subject to later modification or revision by the Court.
The most adequate plaintiffs listed in Part I of this Order seek the Court's approval for their choices of Lead Counsel as follows:
Consolidated Action Lead Counsel
(1) WorldCom, 02 Civ. 3687 (GEL) Bernstein Litowitz Berger & Grossman, L.L.P.
(2) Global Crossing, 02 Civ. 3985 (GEL) Grant & Eisenhofer, P.A.
(3) Winstar, 02 Civ. 6171 (GEL) Shalov, Stone & Bonner, L.L.P.
(supported by an executive committee
consisting of Shapiro Haber & Urmy, L.L.P.;
Stull, Stull & Brody; and
Berger & Montague, P.C.)
(4) AT&T, 02 Civ. 6801 (GEL) Pomerantz Haudek Block Grossman
(5) Level 3, 02 Civ. 6919 (GEL) Weiss & Yourman and
Beatie and Osborn, LLP
(6) Metromedia, 02 Civ. 7966 (GEL) Nix, Patterson & Roach, L.L.P.;
Kaplan Fox & Kilsheimer, L.L.P.; and
Patton Haltom Roberts McWilliams &
(7) XO, 02 Civ. 8114 (GEL) Abbey Gardy, L.L.P. and
Green & Jigarjian, L.L.P.
(supported by an executive ...
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