LITTLE ROCK, Ark., May 25, 2001 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that it has filed a class action in the United States District Court for the Southern District of New York on behalf of all purchasers of the B2B Internet Holdrs Depositary Receipts (AMEX:BHH) between February 23, 2000 and April 9, 2001, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's Website at http://www.classlawyer.com/pr/B2B_internet.pdf.
The complaint charges that Merrill Lynch, Pierce, Fenner & Smith Incorporated, Merrill Lynch & Co., Ahmass L. Fakahany, John L. Steffens, E. Stanley O'Neal and George A. Schieren violated Sections 11, 12 and 15 of the Securities Act of 1933 and seeks to recover damages.
The complaint alleges that the B2B Internet Holdrs depositary receipts were "basket securities" whose price was directly related to, and moved with, the price of 20 underlying securities held in the B2B Internet Holdrs trust. The complaint further alleges that defendants violated the federal securities laws by issuing and selling B2B Internet Holdrs Depositary Receipts, in an IPO on February 23, 2000, pursuant to a registration statement and prospectus that were materially false and misleading because they failed to disclose that a substantial proportion of the B2B Internet Holdrs trust's initial portfolio consisted of stocks whose prices had been artificially inflated through the use of improper practices relating to their initial public offering, and that they therefore traded at artificially inflated prices. The price of B2B Internet Holdrs has fallen from a March 14, 2000 high of $108 per B2B Internet Holdr to a low of $4.26 on April 3, 2001.
If you bought B2B Internet Holdrs Depositary Receipts between February 23, 2000 and April 9, 2001, inclusive, you may, no later than June 4, 2001 request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action. If you are a member of this class, you can join this class action online at http://www.classlawyer.com/sign_up.html.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's Website at www.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Client Relations Department: Sue Null, Charlie Gastineau or Jackie Addison P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca