NEW YORK, April 29, 2002 (PRIMEZONE) -- Merrill Lynch & Co., Inc. ("Merrill Lynch") (NYSE:MER) and its former star Internet research analyst Henry M. Blodget ("Blodget") are charged with issuing misleading analyst reports about At Home Corporation, doing business as Excite@Home ("Excite" or the "Company") (OTCBB:ATHMQ), according to allegations in a Complaint filed by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) on behalf of investors who purchased the common stock of Excite during the period from August 18, 1999 through June 20, 2001, inclusive (the "Class Period"). The case was filed in the United States District Court for the Southern District of New York. Defendants are charged with violations 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 Excite, defendants issued positive ratings on the Company which were materially misleading as they were inconsistent with their own contemporaneous, private adverse assessments of Excite. For example, defendants were repeatedly issuing a short-term accumulate, long-term buy rating on Excite despite Blodget's internal conclusion that Excite stock had a "flat" outlook, was without any "real catalysts" for improvement and was a "piece of crap."
On April 8, 2002, New York State Attorney General Eliot Spitzer (the "Attorney General") 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 Excite were among those challenged by the Attorney General. In the last few days, the U.S. Justice Department and other states have expressed interest in joining the Attorney General's investigation. In addition, the Securities and Exchange Commission said it will open a formal inquiry with the New York Stock Exchange and the National Association of Securities Dealers.
If you purchased the common stock of Excite during the Class Period, you have 60 days from April 22, 2002 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.