NEW YORK, Nov. 22, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02-CV-9368, on behalf of all persons or entities who purchased or otherwise acquired LookSmart, Ltd. ("LookSmart" or the "Company") securities (Nasdaq:LOOK) between May 25, 2000 and June 25, 2001, both dates inclusive (the "Class Period"). Merrill Lynch & Co., Inc. ("Merrill Lynch") and Henry Blodget ("Blodget") are named as defendants in the complaint.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The complaint charges defendants Merrill Lynch and Blodget with violations of the Securities Exchange Act of 1934. The complaint alleges that defendants issued analyst reports concerning LookSmart that recommended the purchase of LookSmart common stock and that set price targets for LookSmart common stock, which were materially false and misleading and lacked any reasonable factual basis. In particular, it is alleged that defendants failed to disclose significant material conflicts of interest which resulted from the use by defendant Merrill Lynch of defendant Blodget's reputation and ability to issue favorable analyst reports, to obtain investment banking business for Merrill Lynch. It is also alleged that defendants, in issuing their LookSmart analyst reports, in which they recommended the purchase of LookSmart securities, failed to disclose material, non-public, adverse information which they possessed about LookSmart. Throughout the Class Period, defendants maintained an "Accumulate/Buy" or "Neutral/Buy" recommendation on LookSmart stock in order to obtain and support lucrative financial deals for Merrill Lynch.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased or otherwise acquired LookSmart securities during the Class Period described above, you may, no later than December 9, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.