LITTLE ROCK, Ark., May 10, 2002 (PRIMEZONE) -- The Emerson Firm, a securities trial law firm with offices in Houston, Texas and Little Rock, Arkansas, announced today that a class action has been filed in the United States District Court for the Southern District of New York on behalf of a class of clients of Merrill Lynch & Co. Inc. ("Merrill Lynch") who purchased the common stock of Internet Capital Group (Nasdaq:ICGE) ("Internet Capital" or the "Company") common stock as well as those who were not clients of Merrill Lynch who also purchased the common stock of Internet Capital during the period between August 30, 1999 and November 8, 2000, inclusive (the "Class Period"), against Merrill Lynch and its former star Internet analyst Henry Blodget ("Blodget") for violations of sections 10(b) and 20(a) of the Securities Exchange Act of 1934. A copy of the complaint filed in this action is available from the Court, or can be obtained from The Emerson Firm.
The complaint alleges that defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder, by the issuance of analyst reports regarding Internet Capital which recommended the purchase of Internet Capital common stock and which set price targets for Internet Capital common stock without any reasonable factual basis. Furthermore, when issuing their Internet Capital reports, defendants failed to disclose significant, material conflicts of interest which they had, in light of their use of Blodget's reputation and his Internet Capital analyst reports, to obtain investment banking business for Merrill Lynch. Furthermore, in issuing their Internet Capital reports, in which they were recommending the purchase of Internet Capital stock, defendants failed to disclose material, non-public adverse information which they possessed about Internet Capital as well as their true opinion about Internet Capital.
If you bought Internet Capital common stock between August 30, 1999 and November 8, 2000, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than June 25, 2002. If you are a member of this class, you can join this class action by contacting Ms. Tanya Autry at the Investor Relations Department of The Emerson Firm. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice, or may choose to do nothing and remain an absent class member.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Texas and Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm.
THE EMERSON FIRM
Investor Relations Department:
Ms. Tanya Autry
P.O. Box 25336
Little Rock, AR 72221-5336
Toll Free: 1-800-663-9817
E-mail: tanya.autry@worldnet.att.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.