Court Dismisses Shareholder Lawsuit Against Mpower
ROCHESTER, NY — February 11, 2002— Mpower Holding Corporation, (AMEX:MPE), the parent company of Mpower Communications, a provider of broadband high-speed Internet access and telephone services to business customers, today announced that the United States District Court for the Western District of New York granted Mpower's motion to dismiss a shareholder lawsuit brought against the company on September 20, 2000. The court ruled that the complaint failed to allege that the company made any material misstatements or omissions. In addition, the court did not grant the plaintiffs the right to replead or refile the complaint.
"We are extremely pleased that for the second time in three months, the courts have granted our motion to dismiss, and that both baseless lawsuits brought against our company have been thrown out," said Rolla P. Huff, Mpower Communications Chief Executive Officer. "Given the scrutiny under which many companies have been placed recently, we are also pleased that any question regarding the integrity of our Board or our management team has been dismissed. This management team remains committed to doing everything possible to treat our customers, equity holders, debt holders and employees fairly."
About Mpower Holding Corporation
Mpower Holding Corporation (Nasdaq: MPWR) is the parent company of Mpower Communications, a facilities-based broadband communications provider offering a full range of data, telephony, Internet access and Web hosting services for small and medium-size business customers. Further information about the company can be found at www.mpowercom.com.
Forward-Looking Statements
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Mpower Communications cautions investors that certain statements contained in this press release that state Mpower Communications and/or management's intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. Management wishes to caution the reader these forward-looking statements are not historical facts and are only estimates or predictions. Actual results may differ materially from those projected as a result of risks and uncertainties including, but not limited to, projections of future sales, market acceptance of our product offerings, our ability to secure adequate financing or equity capital to fund our operations and network expansion, our ability to reduce our outstanding indebtedness, our ability to manage rapid growth and maintain a high level of customer service, the performance of our network and equipment, the cooperation of incumbent local exchange carriers in provisioning lines and interconnecting our equipment, regulatory approval processes, changes in technology, price competition and other market conditions and risks detailed from time to time in Mpower's Securities and Exchange Commission filings.
