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Company: RSL Communications, Ltd.
Ticker Symbol: OTC: RSLCF
Class Period: July 1, 1999 to September 30, 2000
Court: Southern District, NY
Date Filed: Jul-23-03
Lead Plaintiff Deadline: Aug-22-03
Allegations:
A class action lawsuit has been filed against Lehman Brothers, Inc. ("Lehman") in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of RSL Communications, Ltd. ("RSL" or the "Company") (Other OTC:RSLCF) between July 1, 1999 and September 30, 2000, inclusive (the "Class Period").

The Complaint alleges that During the Class Period the Defendant issued to the investing public false and misleading analyst reports on RSL in a bid to win or maintain lucrative banking and advisory work from the Company. During the Class Period, Lehman maintained its highest rating a ("1-Buy" "1-Strong Buy"), on RSL stock, despite the fact that the stock fell to $4 per share in August 2000.

As a result of Defendant's false and misleading statements, the market price of RSL common stock was artificially inflated, maintained or stabilized during the Class Period, to the injury of plaintiff and the other Class members who purchased the stock at the time relying on the integrity of the market price of the stock.

On or about April 28, 2003, the SEC issued a complaint charging Lehman with violating numerous rules of conduct of the National Association of Securities Dealers, Inc. ("NASD") and the New York Stock Exchange, Inc. ("NYSE"), by issuing false and misleading analyst reports on numerous companies, including RSL. The complaint describes the influence and control exerted by Lehman's investment bankers on its supposedly independent research analysts, and details how positive ratings and research reports on RSL issued by Defendant to the public were contrary to Defendant's more negative assessments of the Company's true value and prospects.

If you acquired the securities of RSL Communications, Ltd. during the Class Period you may, no later than August 22, 2003, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.

If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.

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