CHICAGO, Oct. 23, 2002 (PRIMEZONE) -- The deadline for purchasers of CMGI Inc. ("CMGI" or the "Company") (Nasdaq:CMGI) publicly traded securities to move for lead plaintiff in a securities fraud class action recently brought against Henry Blodget ("Blodget") and Merrill Lynch & Co., Inc. ("Merrill Lynch") is rapidly approaching. If you purchased CMGI securities between March 23, 1999 and October 6, 2000 inclusive (the "Class Period"), and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court, Southern District of New York by October 28, 2002.
The complaint charges Merrill Lynch and its former star Internet research analyst, First Vice President Henry M. Blodget with knowingly issuing false and misleading analyst reports regarding CMGI during the Class Period. Based on e-mails and other internal Merrill Lynch communications, which were made public as a result of the investigation conducted by the New York State Attorney General, the Complaint alleges that Defendants failed to disclose a significant conflict of interest between their investment banking and research departments. Specifically, the Complaint alleges that Henry Blodget and other Merrill Lynch analysts issued very favorable analyst reports regarding CMGI to the public when they allegedly knew that the positive recommendations were unwarranted and false. The Complaint further alleges that, unbeknownst to the investing public, Merrill Lynch's buy recommendations and price targets were driven by its efforts to attract lucrative investment banking business rather than by the companies' fundamental merits.
If you wish to discuss your rights and interests, have questions regarding this notice or have information relevant to the lawsuit, you may contact Carol V. Gilden or Michael E. Moskovitz at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to CMGI.
Plaintiff seeks to recover damages on behalf of all those who purchased CMGI securities during the Class Period (March 23, 1999 through October 6, 2000). If you purchased CMGI securities the Class Period and either lost money on the transactions or still hold the common stock, you may, if you meet certain other legal requirements, file a motion to serve as a lead plaintiff. You must file your motion no later than October 28, 2002.
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. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion. Please visit the Much Shelist website for more information about the firm (www.muchshelist.com).
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca