NEW YORK, July 3, 2002 (PRIMEZONE) -- Notice is hereby given that the Law Offices Bernard M. Gross P.C. has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers of Merrill Lynch, Inc. (NYSE:MER) securities during the period from March 9, 2000 through April 11, 2002.
The Complaint asserts claims against Merrill Lynch and its Chief Executive Officer for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by the Securities Exchange Commission for failure to disclose material adverse information and participating in a scheme to defraud investors. Specifically, the Complaint alleges that throughout the Class Period, the Internet Research Group of Merrill Lynch suffered from improper conflicts of interest because their compensation was related to the performance of Merrill Lynch's investment banking group whose clients and potential clients were the subject of misleading research reports disseminated by the Internet Research Group. The Complaint alleges that the Internet Research Group issued research reports that were contrary to their actual opinions of the subject companies in order to develop business for Merrill's investment bankers. Many of the allegations of the Complaint are supported by an affidavit that was made publicly available by the New York Attorney General in April of this year at the conclusion of an investigation that began in June 2001. The Complaint further alleges that the Defendants failed to disclose the existence of the investigation and the existence of internal Merrill Lynch documents demonstrating that the Internet research group had acted improperly subjecting Merrill to significant liability. The Complaint alleges that as a consequence of their scheme to defraud and the undisclosed facts, the price for Merrill Lynch securities was artificially inflated throughout the Class Period, resulting in damages to the putative Class.
If you purchased Merrill Lynch securities during the Class Period, you have until August 30, 2002 to request that the Court appoint you as lead plaintiff in this action. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Law Offices Bernard M. Gross P.C., or other counsel of your choice, to serve as your counsel in this action.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Susan Gross or Deborah Gross at Law Offices Bernard M. Gross P.C., 1515 Locust Street, 2nd Floor, Philadelphia, PA 19102, (215)561-3600, 800-849-3120(toll-free), 866-561-3600 (toll-free) or via e-mail at susang@bernardmgross.com.
Law Offices Bernard M. Gross, P.C. has significant experience and expertise in prosecuting class actions. Law Offices Bernard M. Gross P.C. has recently filed cases in regard to the following securities: Knight Trading Group, Inc. (Nasdaq:NITE), class period: February 29, 2000 - June 3, 2000, lead plaintiff due August 9, 2002; Omnicom (NYSE:OMC) class period: April 25, 200 - August 12, 2002, lead plaintiff due August 12, 2002.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca