NEW YORK, July 8, 2002 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross (www.pomerantzlaw.com) announces that it has filed a class action lawsuit charging Merrill Lynch & Co., Inc. ("Merrill Lynch") and its former Internet research analyst Henry M. Blodget ("Blodget") with issuing misleading analyst reports about GoTo.com, Inc. ("GoTo" or the "Company" and now known as Overture Services, Inc.) (Nasdaq:OVER). The case was filed on behalf of investors who purchased the common stock of GoTo during the period between January 11, 2001 through June 6, 2001, inclusive (the "Class Period").
The Complaint alleges that during the Class Period, in an effort to obtain investment banking business from GoTo, defendants issued positive ratings on the Company which were materially misleading as they were inconsistent with their own contemporaneous, private adverse assessments of GoTo. For example, the very day of the initiation of coverage, Blodget admitted in an e-mail that there was "nothing" interesting about GoTo except banking fees. The complaint also describes how defendants made their proposed rating for GoTo more palatable to GoTo management by downgrading a GoTo competitor. However, when defendants learned that GoTo had awarded its underwriting business to another bank, defendants downgraded GoTo in retribution.
If you purchased the common stock of GoTo during the Class Period, you have until Friday July 19, 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