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Winstar stockholders file suit against Salomon Smith Barney, Grubman

NEW YORK-The lead counsel representing purchasers of Winstar Communications Inc. common stock filed a lawsuit in the U.S. District Court for the Southern District of New York against Salomon Smith Barney and analyst Jack Grubman.

The suit was brought on behalf of Winstar stockholders who purchased their stock between Jan. 25 and April17, 2001.

The complaint alleges Salomon and Grubman violated securities laws because their analyst reports regarding Winstar were false and misleading, thereby causing Winstar’s stock to be artificially inflated.

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