NEW YORK, June 17, 2002 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross (www.pomerantzlaw.com) has filed a class action charging Merrill Lynch & Co., Inc. ("Merrill Lynch") (NYSE:MER) and its former Internet research analyst Henry M. Blodget ("Blodget") with issuing false and misleading analyst reports about 24/7 Real Media, Inc. ("24/7" or the "Company") (Nasdaq:TFSM). The case was filed on behalf of investors who purchased the common stock of 24/7 during the period from February 18, 2000 through November 9, 2000, inclusive (the "Class Period").
The lawsuit charges that in order to maintain and enhance Merrill Lynch's investment banking relationships with 24/7, defendants issued positive ratings on the Company which were materially misleading as they were inconsistent with their own contemporaneous, private adverse assessments of 24/7. For example, defendants were repeatedly issuing a short and long-term accumulate rating on 24/7 despite Blodget's internal description of 24/7 as a "piece of shi(-)." As a result of defendants' false and misleading statements, the market price of 24/7 common stock was artificially inflated, maintained or stabilized during the Class Period.
If you purchased the common stock of 24/7 during the Class Period, you have until June 25, 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