NEW YORK, June 5, 2002 (PRIMEZONE) -- According to Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com), which has filed a class action against Merrill Lynch & Co., Inc. ("Merrill Lynch") (NYSE:MER) and its former Internet research analyst Henry M. Blodget ("Blodget") charging them with issuing false and misleading analyst reports about At Home Corporation, doing business as Excite@Home ("Excite" or the "Company") (OTCBB:ATHQE), shareholders who purchased the common stock of Excite during the Period from August 18, 1999 through June 20, 2001, inclusive (the "Class Period") have until Friday June 21, 2002 to seek appointment by the Court as one of the lead plaintiffs in this action.
The Complaint charges that during the Class Period, defendants' research reports and ratings on Excite were neither independent nor objective, but instead were biased and improperly influenced by Merrill Lynch's lucrative investment banking business relationships with this important client. Also, unbeknownst to the investing public, Merrill Lynch's research analysts' compensation was tied, in part, on their contributions to the firm's investment banking business. Plaintiff further charges that Merrill Lynch issued positive ratings and coverage about Excite, while concealing defendants' contemporaneous, private negative assessments about this client. For example, defendants repeatedly issued an Accumulate/Buy rating on Excite despite Blodget's internal conclusion that this stock was a "piece of crap," had a "flat" outlook and was without any "real catalysts" for improvement. Similarly, when defendants were publicly rating Excite an Accumulate/Accumulate, Blodget was privately telling his colleagues that the Company was "falling apart" and he "doesn't think there's any reason to buy more." Plaintiff additionally asserts that defendants failed to disclose that although Merrill Lynch technically had five ratings, it had a policy and practice of issuing only its top three ratings (buy, accumulate, and neutral) to Internet companies. During the relevant time herein, defendants never issued its two lowest ratings -- "reduce or sell" -- on such companies, including Excite. As a result of defendants' false and misleading statements, the market price of Excite common stock was artificially inflated, maintained or stabilized during the Class Period.
If you purchased the common stock of Excite during the Class Period, you have until Friday June 21, 2002 to ask the Court to appoint you as lead plaintiff for the Class. To serve as lead plaintiff, you must meet certain legal requirements. If you wish to review a copy of the Complaint, to discuss this action or have any questions, please contact Andrew G. Tolan, Esq. of the Pomerantz firm at 888-476-6529 (or (888) 4-POMLAW), toll free, or at agtolan@pomlaw.com by e-mail. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca