NEW YORK , July 17, 2003 (PRIMEZONE) -- A class action lawsuit has been commenced by Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) against Merrill Lynch Pierce Fenner & Smith ("Merrill Lynch") and Phua K. Young ("Young"), a managing director of Merrill Lynch, on behalf of investors who purchased the securities of Tyco International Ltd. ("Tyco" or the "Company") (NYSE: TYC) during the period from September 9, 1999 through May 28, 2003, inclusive (the "Class Period").
The lawsuit alleges that defendants engaged in an illegal scheme to defraud Tyco investors in violation of Securities & Exchange Commission ("SEC") Rule 10b-5. According to the complaint, Young wrote and publicly issued hundreds of research reports on Tyco representing that he was an "independent" Merrill Lynch analyst, when in fact, Young described himself in an internal email as a "LOYAL TYCO EMPLOYEE." It is further alleged that Young regularly sent drafts of his research reports to Tyco's Investor Relations Department for review of his opinions and conclusions, flew on Tyco corporate jets for business trips, accepted unlawful gifts from Tyco CEO Dennis Kozlowski, and with respect to at least one published research report, asked Tyco Investor Relations "did I not sound pumped up enough?"
On May 28, 2003, the National Association of Securities Dealers ("NASD") filed a disciplinary proceeding against Young alleging numerous violations against him for issuing research opinions to the marketplace that he did not personally believe in and which had no reasonable basis.
If you purchased the securities of Tyco during the Class Period, you have until August 4, 2003 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca