A class action lawsuit was filed in the U.S. District Court of Colorado on behalf of purchasers (the "Class") of FirstWorld Communications, Inc. ("FirstWorld" or the "Company") (NASDAQ:FWIS), stock pursuant to FirstWorld's March 8, 2000 Initial Public Offering (the "Class Period").
FirstWorld is a network-based provider of Internet, data, and communications services. The Company's service offerings include high-speed Internet access, dial-up Internet access, Web hosting and design, data center services, e-commerce solutions, and Web integration and consulting services.
The defendants include FirstWorld, Donald L. Sturm, Sheldon S. Ohringer, Paul C. Adams, Kevin Garland, Stephen R. Horn, James O. Spitzenberger, John C. Stiska, Melanie L. Sturm, Lehman Brothers, Inc., Bear Stearns & Co., Inc., Deutsche Bank Securities, Inc., and PaineWebber, Inc. The complaint charges defendants with issuing a false and misleading Registration Statement and Prospectus for the IPO of FirstWorld common stock. The complaint alleges that, as a direct result of the falsity of the Registration Statement and the Prospectus, FirstWorld's IPO was sold at a price far exceeding the true value of the stock at that time.

Update

This case has been settled. The Claims Administrator for this litigation is Gilardi & Co. LLC. The deadline for submitting a proof of claim was March 22, 2005. If you would like further information about the settlement, or would like to download copies of the Notice of Proposed Settlement of Class Action and the Individual Notice of Pendency of Class Action, please go to www.gilardi.com or for additional information call (415) 461-0410.

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