NEW YORK, May 21, 2002 (PRIMEZONE) -- Kaplan Fox (kaplanfox.com) has filed a class action against Merrill Lynch & Co., Inc., and Internet stock analyst and First Vice President of Merrill Lynch, Henry Blodget, in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the common stock of Openwave Systems, Inc. ("Openwave" or the "Company") (Nasdaq:OPWV) between October 16, 2000 and August 13, 2001, inclusive (the "Class Period").
The complaint alleges that Defendants violated the federal securities laws by issuing analyst reports regarding Openwave that recommended the purchase of Openwave common stock and which set price targets for Openwave common stock, which were materially false and misleading and lacked any reasonable factual basis. The complaint further alleges that, when issuing their Openwave analyst reports, the Defendants failed to disclose significant, material conflicts of interest, which resulted from their use of Blodget's reputation and his ability to issue favorable analyst reports, to obtain investment banking business for Merrill Lynch. Furthermore, in issuing their Openwave analyst reports, in which they recommended the purchase of Openwave stock, the Defendants failed to disclose material, non-public, adverse information which they possessed about Openwave. Throughout the Class Period, the Defendants maintained "ACCUMULATE/BUY"or "BUY/BUY" recommendations on Openwave in order to obtain and support lucrative financial deals for Merrill Lynch. As a result of Defendants' false and misleading analyst reports, Openwave's common stock traded at artificially inflated levels during the class period.
Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP. Our firm, with offices in New York, San Francisco, Chicago and New Jersey, has many years of experience prosecuting investor class actions and actions involving financial fraud. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com
If you are a member of the Class, you may move the court no later than June 28, 2002 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements.
If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@kaplanfox.com or contact:
Frederic S. Fox, Esq. Jonathan K. Levine, Esq. Donald R. Hall, Esq. Kaplan Fox & Kilsheimer LLP 805 Third Avenue, 22nd Floor New York, NY 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail address: mail@kaplanfox.com Laurence D. King, Esq. Kaplan Fox & Kilsheimer LLP 601 Montgomery Street San Francisco, CA 94111 (415) 772-4700 Fax: (415) 772-4707 E-mail address: mail@kaplanfox.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca