BALA CYNWYD, Pa., July 9, 2002 (PRIMEZONE) -- Shareholders of Interliant, Inc. (Nasdaq:INIT) ("Interliant" or "Company") who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending against Merrill Lynch in federal court in New York (02-CV-4565) must submit an application with the Court by July 12, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Interliant, Inc. (Nasdaq:INIT) ("Interliant" or "Company") from August 4, 1999 through April 8, 2002(the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Interliant, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that Merrill Lynch and its well-known Internet stock analyst Henry Blodget violated the federal securities laws by knowingly issuing false and misleading analyst reports regarding Interliant during the Class Period. Based on e-mails and other internal Merrill Lynch communications, which were made public as a result of the investigation conducted by the New York State Attorney General, Eliot L. Spitzer, the Complaint alleges that Defendants' failed to disclose a significant conflict of interest between their investment banking and research departments. Specifically, Henry Blodget and other Merrill Lynch analysts issued very favorable analyst reports regarding Interliant to the public when they allegedly knew that the positive recommendations were unwarranted. Unbeknownst to the investing public, Merrill Lynch's buy recommendations and price targets for Interliant were influenced by its efforts to attract lucrative investment banking business from Interliant and other Internet companies.
If you purchased Interliant, Inc. securities between August 4, 1999 and April 8, 2002, you may be a member of the class and have until July 12, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca