Leflaw.com

Recently , the United States Bankruptcy Court approved MCI's (WorldCom) Plan of Reorganization, which paves the way for the company to emerge from Chapter 11 bankruptcy. As a result of MCI's pending emergence from chapter 11 it is likely that shares of MCI traded under the symbols WCOEQ and MCWEQ will be cancelled leaving existing shareholders with a mere fraction of their initial investment.

On June 26, 2002 U.S. regulators charged WorldCom Inc. with fraud after MCI Worldcom admitted it hid almost $4 billion of costs, which forced the largest bankruptcy ever. The scandal pushed Worldcom stock to an all time low of just a few cents after being over $60.00 just a few years ago. The SEC said in its civil lawsuit that the scheme was "directed and approved by Worldcom's senior management and allowed WorldCom to fraudulently report 2001 cash flow of $2.393 billion, rather than its actual loss of $662 million, the SEC said. In the first quarter of 2002, WorldCom incorrectly reported cash flow of $240 million, rather than a loss of about $557 million.

In October 2003, Federal District Judge Denise Cote certified a class action lawsuit against MCI, formerly known as WorldCom, and Citigroup Global Markets, formerly known as Salomon Smith Barney. The 91-page ruling from District Judge Denise Cote grants class status to anyone who acquired publicly traded shares of WorldCom or MCI, in the period from April 29, 1999 to June 25, 2002. We encourage all current and former WorldCom and MCI shareholders and employees to contact us for a free lawsuit case evaluation