NEW YORK, April 26, 2002 (PRIMEZONE) -- The law firm of Pomerantz Haudek Block Grossman & Gross (www.pomerantzlaw.com) announced today that it filed a class action lawsuit on behalf of investors who purchased the common stock of 24/7 Real Media, Inc. ("24/7" or the "Company") during the period from February 18, 2000 through November 9, 2000, inclusive (the "Class Period"). The case was filed in the United States District Court for the Southern District of New York and charges Merrill Lynch & Co., Inc. ("Merrill Lynch") and its former star Internet research analyst Henry M. Blodget ("Blodget") with issuing misleading analyst reports about 24/7 in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
The Complaint alleges that to maintain and enhance Merrill Lynch's investment banking relationships with 24/7, defendants issued positive ratings on the Company which were materially misleading as they were inconsistent with their own contemporaneous, private adverse assessments of 24/7. For example, defendants were repeatedly issuing a short and long-term accumulate rating on 24/7 despite Blodget's internal description of 24/7 as a "piece of (----)."
On April 8, 2002, New York State Attorney General Eliot Spitzer announced that a ten-month investigation had revealed that Merrill Lynch's "supposedly independent and objective investment advice was tainted and biased by the desire to aid Merrill Lynch's investment banking business." Merrill Lynch's ratings on 24/7 were among those challenged by the Attorney General.
If you purchased the common stock of 24/7 during the Class Period, you have 60 days from today 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.
The Pomerantz firm, which has offices in New York and Chicago, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz firm pioneered the field of securities class actions. Today, more than 50 years later, the Pomerantz firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.