NEW YORK, May 24, 2002 (PRIMEZONE) -- The Law Firm of Klayman & Toskes, P.A., representing numerous Merrill Lynch, Pierce, Fenner, & Smith, Inc. ("Merrill") customers in securities arbitration suits, continues to investigate and pursue claims on its clients' behalf against the brokerage house, a unit of Merrill Lynch & Co., Inc. Recently, a suit was filed against Merrill before the National Association of Securities Dealers, Inc. ("NASD") seeking compensatory and punitive damages for violations of the Securities and Exchange Act of 1934, state securities laws, common law fraud, breach of contractual and fiduciaries duties, and gross negligence. The claims allege that Merrill acted fraudulently in regard to investments in Aether Systems, Inc. (Nasdaq:AETH)
The sole purpose of this release is to investigate, on behalf of our clients, sales practice violations at Merrill. The firm is investigating securities violations including the misuse of margin, the misuse of stock option plans, failure to supervise, unsuitability claims, misrepresentation and material omissions of fact, and excessive trading/churning of customers' accounts. We would greatly appreciate any information concerning the method or process used by Merrill with regard to the handling of their clients' accounts.
Klayman & Toskes, P.A. has offices in California, Florida and New York and represents investors throughout the nation. If you wish to discuss this announcement or have information relevant to our lawsuits, please contact Lawrence L. Klayman, Esquire of Klayman & Toskes, P.A., 888-997-9956 or visit us on the web at www.nasd-law.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.