HARTFORD, Conn. -- A lawsuit seeking class action status has been filed in the United States District Court for the Eastern District of Virginia on behalf of all persons who purchased or otherwise acquired American Depository Receipts ("ADRs") of Cable & Wireless PLC (NYSE: CWP - News; "Cable" or the "Company") from August 6, 1999 through December 6, 2002, inclusive (the "Class Period"). Also included are those who acquired shares through the acquisition of Cable & Wireless Communication. Plaintiff is represented by the law firm of Schatz & Nobel, P.C., which has significant experience prosecuting class actions on behalf of investors. If you wish to discuss this action or have any questions, please contact attorney Nancy A. Kulesa at (800) 797-5499, or by e-mail at [email protected]. For more information about Schatz & Nobel, P.C. and class action cases, please visit our website at www.snlaw.net. The Complaint alleges that Cable, a global telecommunications company, issued a press release on August 6, 1999 announcing that it had agreed to sell One 2 One, a British based mobile telecommunications operator, to Deutsche Telekom "Deutsche". Under the announced terms, Deutsche would pay 6.9 billion pounds sterling in cash for 100% of the equity ownership interest in One 2 One. Additionally, Deutsche would repay 237 million pounds of shareholder loans, and would assume approximately 1.5 billion pounds of third-party debt. The statements were materially false and misleading because Cable failed to disclose that an essential term of the deal was a 1.5 billion pound tax indemnification clause agreed to by Cable, whereby a future downgrade of Cable's long-term debt rating would trigger a 1.5 billion pound cash obligation on behalf of Cable. On December 6, 2002, Moody's investment service announced that it would downgrade Cable's long-term debt rating. Cable then issued a press release stating that the "ratings trigger" was activated.