NEW YORK – May 28, 2002 – Goodkind Labaton Rudoff & Sucharow LLP announces that pursuant to Section 21D(a)(3)(A)(i) of the Securities Exchange Act of 1934, notice is hereby given that on May 24, 2002, a class action lawsuit was filed in the United States District Court for the United States District Court, Eastern District of Pennsylvania (the "Court"), on behalf of all open market purchasers of the common stock of Adelphia Communications Corporation ("Adelphia") during the period of March 30, 2000 and April 1, 2002, inclusive (the "Class"). Excluded from the Class are Adelphia and its affiliates.

The named Defendants are John J. Rigas, Timothy J. Rigas and Adelphia. The docket number of the case is 02CV3211. The Complaint charges Defendants with violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10(b)-5 promulgated thereunder and Section 20(a) of the Exchange Act of 1934.

Adelphia provides telecommunications services primarily over networks that are commonly referred to as broadband networks. Like other telecommunications companies in the United States, Adelphia is enormously leveraged and depends heavily on debt offerings to help finance the huge cost of maintaining a communications network.

The complaint alleges that in response to its need to secure additional financing, Adelphia concocted a scheme to keep existing debt off its balance sheets. The individual defendants controlled partnerships to which Adelphia provided management and consulting services (the "Affiliated Entities"). The Affiliated Entities borrowed billions of dollars, guaranteed by Adelphia, but not recorded on Adelphia’s balance sheet. By keeping the guaranteed debt off its record books, Adelphia was able to report favorable financial results throughout the Class Period, which artificially inflated the price of Adelphia stock. Adelphia used these same financial results to facilitate the issuance of shares and debt during the Class Period.

When, on March 27, 2002, news of the undisclosed debt reached the market the price of Adelphia shares plunged $3.69, or 18%, to $16.70 on very heavy trading. The amount of undisclosed debt guaranteed by Adelphia was initially reported by the Company to be $2.3 billion. On April 3, 2002, Adelphia announced the Securities and Exchange Commission ("SEC") had launched an investigation into the Company’s financial reporting. News of the SEC investigation sent the price of Adelphia’s shares plunging a further 6.7%, on heavy trading. On April 3, 2002, The Wall Street Journal reported that Adelphia had at least $2.7 billion in off-balance-sheet debt associated with the Affiliated Entities. The Company has indicated it may restate three years of financial reporting. On or about May 23, 2002, Adelphia announced that members of the Rigas family had relinquished all board seats and executive positions. The stock currently trades under $3 per share.

Plaintiff seeks to recover damages and other relief on behalf of all members of the Class. Plaintiff is represented by the law firm of Goodkind Labaton Rudoff & Sucharow LLP of New York, New York a firm with extensive experience prosecuting class actions on behalf of defrauded investors.

ANY MEMBER OF THE PROPOSED CLASS MAY MOVE THE COURT TO SERVE AS LEAD PLAINTIFF NO LATER THAN JUNE 3, 2002. IN ORDER TO SERVE AS LEAD PLAINTIFF, HOWEVER, YOU MUST MEET CERTAIN LEGAL REQUIREMENTS. These legal requirements include, but are not limited to, (1) filing a motion for the lead plaintiff position in response to this notice, and (2) having the largest financial interest in the relief sought by the Class as determined by the Court. However, the situation may arise where the person or entity with the largest financial interest in the relief sought by the Class is not otherwise qualified to act as lead plaintiff, and therefore the lead plaintiff may not necessarily have the largest financial interest in the relief sought by the Class.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, and/or if you would like a copy of the Complaint, you may, but are not required to, contact any of the following attorneys:

Emily C. Komlossy (ekomlossy@glrslaw.com)
Henry J. Young (hyoung@glrslaw.com)
Labaton  Sucharow LLP
140 Broadway
New York, New York 10005
Telephone: (212) 907-0700

You can also learn about us and view a copy of the complaint by visiting our website at http://www.labaton.com