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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: HandsOn who wrote (48446)	6/3/1999 4:44:00 PM
From: JeffA	Read Replies (1) \| Respond to of 90042

Do we care about this? I don't...... U.S. Fed Vice Chair Rivlin Resigns Effective July 16, No Reason Cited-fed

To: HandsOn who wrote (48446)	6/3/1999 4:45:00 PM
From: JeffA	Read Replies (1) \| Respond to of 90042

Holy COW! This did not take long! Freakin leaches..... Thursday June 3, 4:15 pm Eastern Time Company Press Release SOURCE: Bernstein Liebhard & Lifshitz, LLP Bernstein Liebhard & Lifshitz, LLP Commences Class Action on Behalf of Sellers of SkyTel Communications, Inc. Securities NEW YORK, June 3 /PRNewswire/ -- A securities class action lawsuit has been commenced in the United States District Court for the Eastern District of New York on behalf of those persons who sold the common stock and call options or purchased the put options of SkyTel Communications, Inc. (Nasdaq: SKYT - news; ''SkyTel'' or the ''Company''), between May 25, 1999 and May 28, 1999, inclusive (the ''Class Period''). The complaint charges MCI Worldcom, Inc. with violations of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. The Complaint alleges that SkyTel has been the subject of takeover rumors for several months. MCI was considered by the marketplace to be a likely suitor. On May 25, 1999, an on-line news service called Company Sleuth reported that MCI had registered ''skytelworldcom.com'' as an Internet domain name that combined parts of the two companies' names. The news that an employee of MCI had nailed down rights to the joined names of these independent companies renewed speculation that SkyTel was close to being acquired by MCI. When news services reported the new Internet address on May 25, 1999, trading surged in SkyTel stock, sending the stock's price soaring. After closing the previous day at $18.875 per share, SkyTel shares skyrocketed as high as $21.875 in intraday trading -- a gain of 16 percent. Seeking to deflate the market rumors and the price of SkyTel common stock, and thus, to save millions of dollars on MCI's intended acquisition of SkyTel through a purchase of SkyTel's common stock, defendant MCI falsely denied any intention to acquire SkyTel. MCI's announcement caused the price of SkyTel stock to plummet below the previous day's closing price -- to as low as $18.6875 per share. Shares of SkyTel closed on May 25, 1999 at $20.125 per share on volume of 7.5 million shares -- three times the stock's recent average daily volume. Three days later, on May 28, 1999, after the close of trading, MCI announced an agreement to buy SkyTel for $1.3 billion in stock or roughly $21.50 per SkyTel share. Defendant MCI succeeded in its plan to drive down the market price of SkyTel stock. Defendant MCI was aware that many public shareholders of SkyTel would sell their SkyTel stock if they believed that market rumors of takeover talks between MCI and SkyTel were unfounded. Defendant's motive was to reduce the price MCI would have to pay to acquire SkyTel in an acquisition of SkyTel's common stock. By causing a substantial drop in the price of SkyTel's common stock as a direct and intended result of MCI's false denial of any ''official company intention'' to take over SkyTel, MCI was able to depress the price of SkyTel common stock in the marketplace, and was thereby able to save millions of dollars in the cost of purchasing SkyTel. Plaintiff seeks to recover damages on behalf of all persons who sold SkyTel common stock or call options or purchased SkyTel put options during the Class Period. If you lost money on any such transactions in SkyTel securities during the Class Period, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers within 60 days of June 3, 1999. This early notice to class members is being made pursuant to applicable law. Plaintiff has selected Bernstein Liebhard & Lifshitz, LLP to represent the Class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases which have resulted in the recovery of hundreds of millions of dollars to investors. The attorneys at Bernstein Liebhard & Lifshitz, LLP have been recognized by courts for the high quality of their legal representation of defrauded investors. The firm also has extensive experience in corporate and shareholder litigation, consumer protection and other areas of complex litigation. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Stanley D. Bernstein, Esq., or Michael S. Egan, Esq., at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, 800-217-1522 or 212-779-1414 or by e-mail at skytel@bernlieb.com. SOURCE: Bernstein Liebhard & Lifshitz, LLP