HARTFORD, Conn. -- A lawsuit seeking class action status has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the publicly traded securities of Metromedia Fiber Network, Inc. (formerly Nasdaq: MFNX; currently OTC: MFNXQ) ("Metromedia" or "Company") from November 25, 1999 through July 25, 2001, inclusive (the "Class Period"). Also included are those who acquired Metromedia's shares through the acquisitions of SiteSmith, Inc. and MIBH, Inc.

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 Salomon Smith Barney and its well-known telecommunications stock analyst Jack Grubman violated the federal securities laws by knowingly issuing false and misleading analyst reports regarding Metromedia during the Class Period. The Complaint alleges that Salomon failed to disclose a significant conflict of interest between its investment banking and research departments. Specifically, Jack Grubman and other Salomon Smith Barney analysts issued very favorable analyst reports regarding Metromedia to the public when they allegedly knew that the positive recommendations were unwarranted. Unbeknownst to the investing public, Salomon Smith Barney's buy recommendations and price targets for Metromedia were influenced by its efforts to be retained as a financial advisor for Metromedia and other telecommunications companies. Such lucrative investment banking engagements were worth millions of dollars in fees to Salomon.

Plaintiff seeks to recover damages from Salomon Smith Barney and Jack Grubman on behalf of all Class Members. If you purchased the common stock of Metromedia from November 25, 1999 through July 25, 2001, inclusive, and wish to act as a lead plaintiff, you may move the Court to act in that capacity not later than December 6, 2002. If you wish to discuss your rights as lead plaintiff or as a class member, please contact Schatz & Nobel, P.C. toll-free at (800) 797-5499, or by e-mail at [email protected].

Schatz & Nobel, P.C.