The actions allege that, during the applicable period, US Unwired held direct or indirect ownership interests in five Sprint PCS affiliates: Louisiana Unwired, Texas Unwired, Georgia PCS, IWO Holdings, and Gulf Coast Wireless. US Unwired allegedly failed to disclose or misrepresented to the investing public that:

• The company was secretly increasing its subscriber base by signing up high-credit-risk customers;

• Accounting changes implemented by US Unwired were undertaken in order to conceal the company's declining revenues;

• The company had been experiencing high involuntary disconnections related to its high-credit-risk customers; and

• It had experienced lower subscription growth as a result of changes in its policies regarding high-credit-risk credit customers.

On August 13, 2002, US Unwired announced its financial results for the second quarter period ended June 30, 2002, disclosing lower than expected subscription growth. It blamed its lack of growth largely on changes in its policies regarding high-credit-risk customers. On that news, US Unwired common stock closed at $.90 per share, down 94.8% from its class period high of $17.25 per share.

If you purchased securities issued by US Unwired during the applicable period, you may request appointment by the court as a lead plaintiff if you do so by October 11, 2004. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that your claim is typical of the claims of other class members, and that you will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiffs. Your ability to share in any recovery is not affected by the decision whether or not to serve as a lead plaintiff. You may retain any counsel of your choice to serve you in this action, or you may choose to do nothing, and remain in the class as a silent member.