NEW YORK, Dec. 13, 2002 (PRIMEZONE) -- Pursuant to 15 U.S.C. 78u-4(a)(3)(A)(i), Seeger Weiss LLP hereby gives notice that on November 27, 2002, a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all customers of Merrill Lynch, Inc. ("Merrill Lynch") who purchased shares of the common stock of Rhythms NetConnections ("Rhythms") during the period April 7, 1999, through November 14, 2002, inclusive (the "Class Period").
If you wish to discuss this Action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact David R. Buchanan, Esq., or Laurence Valere Nassif, Esq. of Seeger Weiss LLP, One William Street, New York, New York 10004, by telephone 1-212-584-0700 or via e-mail: dbuchanan@seegerweiss.com, lnassif@seegerweiss.com or Thomas R. Grady, Esq., or Susan R. Healy, Esq. of Grady & Associates LPA, 720 Fifth Avenue South, Suite 200, Naples, Florida 34102, by telephone 1-239-261-6555 or via e-mail: trgrady@gradylaw.com, shealy@gradylaw.com.
The Complaint charges that Merrill Lynch violated Section 17(b) of the Securities Exchange Act of 1934. Specifically, the Complaint alleges that defendant on numerous occasions throughout the Class Period received compensation in the form of investment banking fees in exchange for publishing favorable ratings for Rhythms stock. In violation of Section 17(b), defendant failed to disclose to class members that it received such compensation in exchange for its favorable ratings.
Plaintiff seeks to recover damages on behalf of all class members and is represented by the law firms of Seeger Weiss LLP and Grady & Associates LPA. Seeger Weiss LLP maintains offices in New York City and New Jersey, while Grady & Associates LPA maintains an office in Naples, Florida. Both firms are active in major complex commercial litigations pending in federal and state courts throughout the United States.
If you are a member of the Class described above, you may, not later than sixty days from the date of this notice, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. Your ability to share in any recovery is not, however, dependent on whether or not you serve as a lead plaintiff.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca