BALA CYNWYD, Pa., June 19, 2002 (PRIMEZONE) -- A shareholder sued Merrill Lynch Internet Strategies Fund ("Internet Strategies Fund" or the "Fund") claiming that the company misled investors about its business and financial condition, as alleged in a complaint filed by the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Southern District of New York and seeks damages for violations of federal securities laws on behalf of all investors who bought Merrill Lynch Internet Strategies Fund securities between March 14, 2000 and October 15, 2001 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Merrill Lynch Internet Strategies Fund and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the New Jersey-based Merrill Lynch Internet Strategies Fund issued false and misleading statements to the public concerning its recommendations of shares of Internet companies in the Fund. Furthermore, when issuing shares of the Fund and their Internet Company reports, the Defendants failed to disclose significant, material conflicts of interest which they had, in light of their use of defendant Henry Blodget's reputation and his Internet companies' analyst reports, to obtain investment banking business for Merrill Lynch. Furthermore, in issuing shares of the Fund and their Internet company reports, in which they were recommending the purchase of stock in Internet companies, the Defendants failed to disclose material, non-public, adverse information which they possessed about Internet companies in the Fund as well as their true opinion about Internet companies in the Fund.
If you purchased Merrill Lynch Internet Strategies Fund securities between March 14, 2000 and October 15, 2001, you may be a member of the class and have until June 25, 2002 to move the court to become a lead plaintiff. To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca