NEW YORK – LAWFUEL – Class Action News – Aug. 25, 2006–In the United States District Court for the Northern District of Oklahoma, in the case known as the In re Williams Securities Litigation, Case No. 02-CV-72-SPF-FHM, a summary notice pertaining to the WCG Subclass has been issued as follows:
Summary Notice of Pendency of Class Action
To: all persons who purchased the securities of Williams Communications Group, Inc. (“WCG”) between July 24, 2000 and April 22, 2002, inclusive (the “Class”).
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-captioned action has been certified as a class action. A full printed Notice of Pendency of Class Action (the “Notice”) is currently being mailed to known Class Members. If you have not yet received the full printed Notice, you may obtain copies of this document by contacting:
In re Williams Securities Litigation
c/o Analytics Inc., Notice Administrator
P.O. Box 2006
Chanhassen, MN 55317-2006
Inquiries, other than requests for the Notice, may be made to Plaintiffs’ Co-Lead Counsel:
Joshua H. Vinik, Esq.
Milberg Weiss Bershad & Schulman LLP
One Pennsylvania Plaza
New York, NY 10119-0165
Telephone: (212) 594-5300
Behram V. Parekh, Esq.
Yourman Alexander & Parekh LLP
3601 Aviation Blvd., Suite 3000
Manhattan Beach, CA 90066
Telephone: (310) 725-6400
In this lawsuit, Plaintiffs assert that certain defendants, including former officers and directors of WCG; The Williams Companies, Inc. (“WMB”), WCG’s former parent company; Keith E. Bailey (“Bailey”), WMB’s former Chairman and Chief Executive Officer; and Ernst & Young LLP (“E&Y”), WMB’s and WCG’s outside auditor, during the period between July 24, 2000 and April 22, 2002 (the “Class Period”), made false and/or misleading statements regarding, among other subjects, WCG’s reported financial condition and prospects for future success. WCG itself is not a named defendant in the Action because it filed for bankruptcy protection in April of 2002.
If you purchased WCG securities between July 24, 2000 and April 22, 2002, inclusive, you may be a Class Member. If you are a Class Member, you have the right to decide whether to remain a member of the Class. If you choose to remain a Class Member, you need do nothing at this time. You will automatically be included in the Class. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the proceedings in this Action, including any Order and Final Judgment of the Court.
If you ask to be excluded from the Class, you will not be bound by any judgment of this Court, and you will not be entitled to any share of the money which may be awarded to the Class. To exclude yourself from the Class, you must submit a request for exclusion postmarked no later than October 18, 2006. Further information concerning requests for exclusion can be found in the full printed Notice.
Further information may be obtained by directing your inquiry in writing to the Notice Administrator.
By Order of the United States District Court for the Northern District of Oklahoma