PHILADELPHIA, June 5, 2003 (PRIMEZONE) -- Law Offices Bernard M. Gross, P.C. announces that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of the securities of TYCO International Ltd ("TYCO")(NYSE:TYC) during the period between September 9, 1999 through and including May 28, 2003 (the "Class Period"). A copy of the Complaint is available from the Court or the Law Offices Bernard M. Gross, P.C. Please visit our website at www.bernardmgross.com or contact us by phone at 866-561-3600 (toll free) or by email at susang@bernardmgross.com.
The action numbered 03cv4080 is pending in the United States District Court, Southern District of New York, located at 500 Pearl St., New York, NY 10007 against defendants Merrill Lynch Pierce Fenner & Smith, Incorporated and Phua Young. The case has been assigned to the Honorable Robert W. Sweet.
The Complaint alleges that defendants engaged in a scheme to defraud Tyco investors in violation of SEC Rule 10b-5. Defendant Young issued numerous misleading research reports on Tyco while supposedly working as an "independent" director. Young voiced opinions in his research reports on Tyco that were flatly contradicted in his own private emails, where he expressed his true outlook on Tyco.
Emails from Young show that he didn't believe his own publicly-issued research reports concluding that Tyco's subsidiary, CIT Group, could be sold for as high as $7-8 billion. Young privately expressed his true view that CIT would fetch much less, if a buyer could be found at all. In other emails, Young made it plain that Tyco "effectively bought and paid for" him when he candidly described himself in a private email as "LOYAL TYCO EMPLOYEE." Young routinely sent his draft Tyco research reports to Tyco's Investor Relations Department for review, comment and editing. With respect to one of his reports, Young asked Tyco: "Did I not sound pumped up enough?" Young is also accused of passing insider tips to his institutional clients in advance of at least one Tyco deal involving Siemens and accepting unlawful gifts from Tyco.
Plaintiff seeks to recover damages on behalf of the class. If you purchased Tyco securities between September 9, 1999 and May 28, 2003, you may, not later than August 4, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. Plaintiff is represented by the law firm of Law Offices Bernard M. Gross, P.C. having significant experience and expertise in prosecuting class actions. If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
PLEASE CONTACT: Law Offices Bernard M. Gross, P.C.
Susan Gross, Esq.
Deborah R. Gross, Esq.
1515 Locust Street, 2nd Floor
Philadelphia, PA 19102
Telephone: 866-561-3600(toll-free)
215-561-3600
E-mail: susang@bernardmgross.com or
debbie@bernardmgross.com.
Website: http://www.bernardmgross.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca