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1
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COMPLAINT
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EXTRACTED KEY WORDS
RESPONDENTS REPORT TARGET PRICE STOCK ANALYST GRUBMAN SALOMON GOCHUICO RESEARCH REPORTS TELECOMMUNICATIONS RECOMMENDATIONS MARKET CAPITALIZATION MISLEADING RISKS FUNDING COMMON STOCK EQUITY RESEARCH DEPARTMENT COMMUNICATIONS WC11 DECLARED BANKRUPTCY MATERIAL FACTS FREE CASH FLOW REASONABLE BASIS CLEC CRD ENFORCEMENT BROADBAND TELECOMMUNICATIONS SERVICE FUNDING GAP PREFERRED STOCK |
-.- ,."-.-------..
NASD
OFFICEOFHEARlNGOFFICERS
1
DEPARTMENT OF ENFORCEMENT, 1
1
COMPLAINANT, 1
) DISCWLINARY PROCEEDING
V. ) No. CAI? 020042
1
) HEAFUNG OFRICER -
JACK BENJAMIN GRUBMAN, CRD NO. )
1505636, AND )
1
CHRISTINE RUZOL GOCHUICO, CRD NO. 1
2794210, 1
)
1
COMPLAINT
Upon information and belief, Complainant, the Department of Enforcement alleges
follows:
SUMMARY
1. Jack Benjamin Grubman (Grubman), a Managing Director and Senior Analyst in
Equity Research Department of Salomon Smith Barney, Inc. (Salomon) and Christine Ruzol
Gochuico (Gochuico), a Vice President and Analyst in Salomon's Equity Research Department,
wrote and published research reports during 200 1 that contained misleading statem.ents
Winstar Communications, Inc. (Winstar), a broadband telecommunications service provider. The
reports recommended the purchase of the common stock of Winstar with a "Buy" rating -
Salomon's highest rating - and with a 12-18 month Target Price of $50 per share even as
stock plummeted from approximately $20 to 14 cents. The Respondents continued to
recommend the stock at this price even as the market capitalization collapsed from
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