SBR Secures Another $10 Million for Winstar Investors

SBR has been serving as Lead Counsel for Plaintiffs in an ongoing litigation on behalf of Winstar Communications stock and bond purchasers relating to allegations that Winstar’s financial condition was misrepresented to investors prior to its collapse.  Following more than ten years of litigation, and three days before jury selection in the six-week trial was to begin, SBR has secured a final settlement of $10 million from the accounting firm that served as Winstar’s principal outside auditor, bringing total settlements in the case to more than $40 million. The case alleged that Winstar – a telecom firm that seemingly enjoyed explosive growth in the late 1990’s – materially misrepresented its financial condition in the period from March 2000 to April 2001. SBR was Lead Counsel for the Class of Winstar investors.

 

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