NEW YORK, June 13, 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-4496, on behalf of all persons or entities who purchased At Home Corp. ("At Home" or the "Company") common stock (OTCBB:ATHQE) between April 23, 1999 and April 26, 2001, both dates inclusive (the "Class Period"). Merrill Lynch & Co., Inc. ("Merrill Lynch") and Henry Blodget are named as defendants in the action.
The Complaint alleges that defendants violated section 10(b) of the Securities and Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder by issuing a series of materially false and misleading statements in analyst reports concerning At Home during the Class Period. The Complaint alleges that to maintain and enhance Merrill Lynch's investment banking relationships with At Home, defendants issued analyst reports with positive ratings on At Home which were materially misleading as they were inconsistent with their own contemporaneous, private, adverse assessments of At Home. For example, defendants were repeatedly issuing a short-term accumulate, long-term buy rating on At Home despite their internal e-mails that At Home stock had a "flat" outlook, was without any "real catalysts" for improvement and was a "piece of crap."
In particular, it is alleged that defendants recommended the purchase of and set price targets for At Home common stock without any reasonable factual basis therefor; failed to disclose significant material conflicts of interest to obtain investment banking business for Merrill Lynch; and failed to disclose material, non-public, adverse information which they possessed about At Home, as well as their true opinion about the Company. The Complaint alleges that as a result of these false and misleading statements the price of At Home common stock was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
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 At Home common stock during the Class Period described above, you may, no later than June 21, 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. If you wish to discuss this action further or have any questions concerning this announcement, or your rights or interests, please contact plaintiff's counsel, Eric 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.