NEW YORK, May 16, 2002 (PRIMEZONE) -- The law firm Kirby McInerney & Squire, LLP ("KMS") has been retained by numerous Merrill Lynch (NYSE:MER) customers and has commenced proceedings against Merrill Lynch and its former securities analyst Henry Blodget. KMS clients have lost of tens of millions of dollars from investments in Merrill Lynch - recommended technology stocks. The investors charge that the technology stock recommendations of Merrill Lynch analysts did not reflect the analysts' good faith beliefs based on review, analysis and investigation of the underlying securities, but were issued as part of a strategy to generate investment banking business from covered companies.
In April 2002, New York's State Attorney General announced results of a ten month investigation of Merrill Lynch's technology analyst recommendation practices. The Attorney General released an affidavit and supporting exhibits that support the Attorney General's conclusion that, Merrill Lynch research analysts regularly published ratings for Internet stocks that did not reflect the analysts' opinions of the companies, but were made solely for the purpose of generating investment banking business.
Subsequently, the Securities and Exchange Commission announced that it too was launching an inquiry into conflicts of interest by Wall Street analysts.
In the course of its investigation, KMS has interviewed former Merrill Lynch personnel and has reviewed pertinent documents as well as the materials released by New York's Attorney General. KMS is interested in speaking with any persons who feel that they might have information relevant to KMS' continuing investigation.
KMS has specialized in complex litigation, including securities actions for more than 40 years. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts which have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and its achievements and quality of service have been chronicled in published decisions. More information about the firm can be obtained at KMS's website at www.kmslaw.com.
To discuss any of the matters mentioned above, contact KMS as follows:
Alice McInerney, Esq. (amcinerney@kmslaw.com)
Ira M. Press, Esq. (ipress@kmslaw.com)
Mark Booker, Esq. (mbooker@kmslaw.com)
KIRBY McINERNEY & SQUIRE, LLP
830 Third Avenue
10th Floor
New York, New York 10022
Telephone: (212) 371-6600
Facsimile: (212) 751-2540
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca