BALA CYNWYD, Pa., Oct. 9, 2002 (PRIMEZONE) -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
A securities class action lawsuit pending in the U.S. District Court for the Southern District of New York (02-CV-7398) claims that Merrill Lynch, Morgan Stanley Dean Witter, Henry Blodget and Mary Meeker misled shareholders about Inktomi Corporation's business and financial condition.
Plaintiff seeks damages for violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (and/or the Securities Act of 1933) on behalf of all investors who bought Inktomi Corporation ("Inktomi" or the "Company") (Nasdaq:INKT) securities between June 10, 1998 and April 3, 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 Inktomi Corporation 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 charges Merrill Lynch & Co., Inc. ("Merrill Lynch"), Morgan Stanley Dean Witter & Co., Inc. ("Morgan Stanley"), Henry Blodget and Mary Meeker with issuing misleading analyst reports about Inktomi. Specifically, the complaint alleges that Defendants urged investors to purchase Inktomi stock when defendants knew or should have known that such purchases were not a good investment. The complaint alleges that defendants issued "Buy" recommendations about Inktomi without any rational economic basis; failed to disclose that they were issuing "Buy" recommendations to obtain investment banking business; and concealed significant, material conflicts of interests that prevented them from providing independent objective analysis.
If you purchased Inktomi Corporation securities between June 10, 1998 and April 3, 2001, you may be a member of the class and have until October 29, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) 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