Metromedia Fiber Network, Inc.

A class action lawsuit was commenced on behalf of all persons and entities who purchased or otherwise acquired the securities of Metromedia Fiber Network, Inc. ("Metromedia") between November 25, 1997 and July 25, 2001, inclusive (the "Class Period"). The complaint names Citigroup, Inc., Salomon Smith Barney, Inc. ("Salomon") and Jack Grubman as Defendants. The complaint alleges that Defendants issued analyst reports regarding Metromedia that recommended the purchase of Metromedia common stock and which set price targets for Metromedia common stock, without any reasonable factual basis. The complaint further alleges that, when issuing its Metromedia analyst reports, Defendants failed to disclose significant, material conflicts of interest which it had, in light of Defendants' Metromedia reports, to obtain investment banking business for Salomon. Furthermore, in issuing Metromedia reports, in which it recommended the purchase of Metromedia common stock, Defendants failed to disclose material, non-public, adverse information which they possessed about Metromedia. Throughout the Class Period, Defendants maintained a "BUY" recommendation on Metromedia in order to obtain and support lucrative financial deals for Salomon.

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To find out more about this case, please contact us at shareholderrelations@spornlaw.com or 212-964-0046.

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