Schoengold & Sporn, P.C. Announces Class Action Lawsuit on behalf of Investors who Purchased Metromedia Fiber Network, Inc. common stock (MFNXQ)

NEW YORK, NY, November 20, 2002 /INTERNET WIRE/ - Schoengold & Sporn, P.C. announced today the commencement of a class action lawsuit against Citigroup, Inc. (“Citigroup”), Salomon Smith Barney, Inc. (“Salomon”) and Jack Grubman, in the United States District Court for the Southern District of New York (Civil Action Number 02-CV-9278, Judge Buchwald) on behalf of all person or entities who purchased or otherwise acquired the common stock of Metromedia Fiber Network, Inc. (“Metromedia”) (Other OTC:MFNXQ.PK) securities during the period between November 25, 1997 and July 25, 2001 (the “Class Period”). If you purchased MFNXQ securities during the Class Period and would like to join the action pursuing securities claims against MFNXQ, you may do so by visiting Schoengold & Sporn’s website at www.spornlaw.com or contacting Schoengold & Sporn, toll free at (866) 348-7700 or via e-mail at shareholderrelations@spornlaw.com. However, please note that the deadline to seek lead plaintiff status in this case expires December 6, 2002.

The Complaint alleges that defendants violated Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated there under, by issuing 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.

The Class Period begins on November 25, 1997 the date when Salomon “initiated coverage” of and issued their first report on Metromedia. The Class Period ends on July 25, 2001, the date Defendants belatedly downgraded Metromedia from a “Buy” to a “Neutral.” As a result of Defendants' false and misleading analyst reports, Metromedia common stock traded at artificially inflated levels during the class period.

If you purchased MFNXQ securities during the Class Period and either sold those securities at a loss or still hold them, you may request that the Court appoint you as a lead plaintiff. However, you must do so before December 6, 2002. Schoengold & Sporn was established in 1962 and has specialized in securities fraud litigation for over 35 years. The firm was credited by the Wall Street Journal for its work in the Wedtech Securities case, which was settled for $77.4 million, as follows:

"$77.5 million settlement . . . reached in a securities fraud case stemming from the Wedtech scandal . . . The settlement with 29 defendants . . . is believed to be one of the largest ever in a civil . . . case. . . 'This is a global settlement,' said Samuel Sporn, a plaintiffs' attorney . . . . Mr. Sporn said the settlement represents almost half of the more than $160 million in stocks and bonds that Wedtech sold to the public between 1983 and 1986."

If you would like to further discuss your rights, you may call collect or otherwise contact the undersigned, who will be pleased to assist:

CONTACT:
Jay P. Saltzman, Esq.
Ashley Kim, Esq.
Schoengold & Sporn, P.C.
19 Fulton Street, Suite 406
New York, New York 10038
Tel: (212) 964-0046
Fax: (212) 267-8137
Toll Free: (866) 348-7700
E-Mail: shareholderrelations@spornlaw.com
Website: www.spornlaw.com

SOURCE: Schoengold & Sporn, P.C.

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