NEW YORK -- A securities class action lawsuit wascommenced on August 8, 2001 on behalf of all persons who acquired MetromediaFiber Networks, Inc. (Nasdaq: MFNX) ("Metromedia" or the "Company") commonstock between January 8, 2001 and July 2, 2001 (the "Class Period"). A copyof the complaint is available from the Court or from Abbey Gardy, LLP.Pleasecontact us by phone at (800) 889-3701 or by email at [email protected]. The case is pending in the United States District Court for the SouthernDistrict Court of New York and is filed as 01-CV-7353. Named as defendantsinthe complaint are Metromedia, Stephen A. Garofalo, the Company's ChairmanandCEO, and Nicholas M. Tanzi, the Company's President and COO. The Complaint charges defendants with violations of Sections 10(b) and20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgatedthereunder. The complaint alleges, among other things, that defendantsissueda series of materially false and misleading statement starting on January 8,2001, when defendants announced that Metromedia had obtained a commitmentfora fully underwritten credit facility for $350 million from Citicorp USA,Inc.Defendants also stated that the Citicorp credit facility would fully fundtheCompany's current business plan. Thereafter, defendants highlighted the$350million credit facility in the Company's Form 10-K for its year endedDecember31, 2000; in a press release issued on April 30, 2001 and in the Company'sForm 10-Q for the period ended March 31, 2001. However, on July 2, 2001,defendants revealed that the commitment letter from Citicorp was subject tothe receipt of commitments from other lenders in the amount of $287.5million.The Complaint alleges, among other things, that throughout the Class Perioddefendants knew that Metromedia did not have the full credit facility.Abbey Gardy LLP