NEW YORK, May 13, 2002 (PRIMEZONE) -- Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com) has filed or is investigating the following class action suits on behalf of purchasers of the following securities: Merrill Lynch & Co., Inc. (NYSE:MER) on behalf of purchasers of Internet Capital Group (Nasdaq:ICGE), and Peregrine Systems, Inc. (Nasdaq:PRGN), for the following Class Periods:
Merrill Lynch (NYSE:MER) on behalf of purchasers of Internet Capital Group (Nasdaq:ICGE)
Merrill Lynch & Co., Inc. and its former Internet research analyst Henry M. Blodget issued false and misleading analyst reports about Internet Capital Group (Nasdaq:ICGE). Defendants initiation of coverage and its rating and reports on Internet Capital Group were not based on independent, objective analyses but instead were biased and tilted in the Company's favor to enable Merrill Lynch to maintain and enhance its lucrative investment banking relationship with this important client. The Complaint charges that defendants' positive statements about Internet Capital Group were inconsistent with their own contemporaneous, private negative assessments. As a result of defendants' false and misleading statements, the market price of Internet Capital Group common stock was artificially inflated or stabilized during the period August 30, 1999 through November 8, 2000 (the "Class Period"). Shareholders who purchased Internet Capital Group common stock during the Class Period have until June 25, 2002 to ask the Court to appoint them as one of the lead plaintiffs for the Class.
Peregrine Systems, Inc. (Nasdaq:PRGN)
Peregrine issued false and misleading statements regarding its financial results. On May 6, 2002, Peregrine publicly admitted that its reported results for fiscal 2001 and 2002 may be inflated due to improper revenue recognition practices and acknowledged that preliminary investigations indicated that revenues totaling as much as $100 million were suspect. In addition, Peregrine's board of directors announced that the Company's Chairman and Chief Executive Officer, Steve Gardner, and the Company's Chief Financial Officer, Matt Glass, had both resigned. As a result of defendants' actions, the market price of Peregrine common stock was artificially inflated during the period July 24, 2001 through May 3, 2002 (the "Class Period"). Shareholders who purchased Peregrine common stock during the Class Period have until July 5, 2002 to ask the Court to appoint them as one of the lead plaintiffs for the Class.
If you purchased the common stock of either of the above companies during their respective Class Period and wish to discuss these actions 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.