Pomerantz Haudek Block Grossman & Gross LLP: Internet Capital Group Shareholders Have Until Tuesday June 25, 2002 to Seek Appointment as Lead Plaintiff -- ICGE


NEW YORK, May 28, 2002 (PRIMEZONE) -- According to Pomerantz Haudek Block Grossman & Gross LLP (www.pomerantzlaw.com), which has filed a class action against Merrill Lynch & Co., Inc. ("Merrill Lynch") (NYSE:MER) and its former Internet research analyst Henry M. Blodget ("Blodget") charging them with issuing false and misleading analyst reports about Internet Capital Group, Inc. ("Internet Capital" or the "Company") (Nasdaq:ICGE), shareholders who purchased the common stock of Internet Capital during the period between August 30, 1999 and November 8, 2000, inclusive (the "Class Period") have until Tuesday June 25, 2002 to seek appointment by the Court as one of the lead plaintiffs in this action.

According to the Complaint, it is alleged that during the Class Period, defendants' initiation of coverage and its rating and reports on Internet Capital 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 business relationship with this important client. The Complaint charges that defendants' positive public statements about Internet Capital were inconsistent with their own contemporaneous, private negative assessments. For example, while repeatedly reiterating an Accumulate/Buy (2-1) rating, defendants internally labeled Internet Capital stock "a disaster." Furthermore, defendants concealed from the public that although Merrill Lynch technically had five ratings, it had a policy and practice of issuing only its top three ratings. During the relevant time herein, defendant never issued a reduce or sell rating on any Internet company. Indeed, during the Class Period, even as market conditions changed, defendants repeatedly reissued an Accumulate/Buy rating on Internet Capital, thus reassuring investors about their continued confidence in the Company.

As a result of defendants' false and misleading statements, the market price of Internet Capital common stock was artificially inflated during the Class Period.

If you purchased the common stock of Internet Capital during the Class Period, you have until Tuesday June 25, 2002 to ask the Court to appoint you as one of the lead plaintiffs for the Class. In order 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.



            

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