Winstar Communications, Inc. Securities Litigation
CSFB is a leading global investment-banking firm with headquarters in Zurich, London and New York, and which has offices in Boston, Massachusetts and numerous other cities. Winstar was a fixed wireless competitive local exchange carrier, which used wireless technology to provide telecommunications services to business customers in more than 125 U.S. markets. On April 18, 2001, Winstar filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The plaintiffs in the Class Action claim that the Defendant issued false and misleading analyst reports regarding Winstar recommending that investors purchase Winstar stock, and caused the price of Winstar stock to be artificially inflated.
The Defendant in the Class Action has denied that it issued false or misleading analyst reports, and has denied that its reports were the cause of any inflation in Winstar’s share price. The Court has not decided that the Defendant did anything wrong.
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