NEW YORK, June 19, 2002 (PRIMEZONE) -- Wolf Popper LLP has charged Merrill Lynch ("Merrill") (NYSE:MER) and other affiliated parties with violations of the federal securities laws, in a class action lawsuit brought in the United States District Court for the Southern District of New York. The lawsuit is on behalf of all persons who purchased Merrill's Internet Strategies Fund ("MANTX," "MBNTX," "MCNTX" and "MDNTX") during the period March 14, 2000 through October 15, 2001, inclusive (the "Class Period").
The complaint alleges that defendants manipulated the market price of the Internet companies comprising the Internet Strategies Fund through the issuance of inflated ratings and biased research reports. This scheme was part of a larger undisclosed scheme whereby Merrill Lynch research analysts in the Internet group, under pressure from Merrill Lynch's investment bankers, initiated and/or manipulated research coverage to maintain and attract investment banking clients, even when the analysts internally harbored doubts about the valuation of the internet stocks that they covered. Shares of the Internet Strategies Fund, which were first issued on March 17, 2000 at $10.00 a share, plummeted over 80% to $1.77 per share on October 12, 2001, at which time it was merged into Merrill Lynch's Global Technology Fund ("MAGTX," "MBGTX," "MCGTX" and "MCGTX"). Defendants' misconduct was first revealed on April 8, 2002, after the New York Attorney General issued a scathing report on Merrill Lynch's analysts' practices.
Any member of the proposed class who desires to be appointed lead plaintiff in this action must file a motion with the Court no later than June 25, 2002. Class members must meet certain legal requirements to serve as a lead plaintiff.
Wolf Popper has also filed class action complaints against Merrill Lynch on behalf of purchasers of Internet Architecture HOLDRS Trust (AMEX:IAH) and Interliant, Inc. (Nasdaq:INIT). If you would like to discuss your investments in these or other Internet securities promoted by Merrill Lynch, you may contact:
Robert C. Finkel, Esq. - Telephone: 212.451.9620 Abigail Kowaloff, Investor Relations - Toll Free: 877.370.7703 E-Mail: IRRep@wolfpopper.com Facsimile: 212.486.2093 or 877.370.7704 Website: http://www.wolfpopper.com WOLF POPPER LLP 845 Third Avenue New York, NY 10022-6689 212.759.4600
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca