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SECURITIES FRAUD
Shapiro Haber
& Urmy is the Court-Appointed Lead
Counsel in the First Securities
Fraud Class Action Filed Against
Merrill Lynch Due to Fraudulent
Analyst Reports
Shapiro Haber &
Urmy was the first law firm to file
a securities fraud class action
against Merrill Lynch and Henry
Blodget, its former internet stock
analyst, stemming from Merrill Lynch
and Blodget’s issuance to the public
of false and deceptive, optimistic
analyst reports regarding internet
companies. The firm filed that class
action in July, 2001, long before
the recent disclosures by the New
York State Attorney General. That
action was filed as a class action
on behalf of purchasers of
InfoSpace, Inc. common stock. The
firm has been appointed lead counsel
in that action.
The firm has also
filed class actions against Merrill
Lynch and Blodget on behalf of
investors in 24/7 Media, Aether
Systems, Excite@home, Goto.com,
Interliant, Internet Capital Group,
Lifeminders, Merrill Lynch Internet Strategies
Fund, Merrill Lynch Internet HOLDRS
trust, Merrill Lynch Internet
Infrastructure HOLDRS trust, B2B
Internet Holders, Quokka Sports,
CMGI, LookSmart and iVillage. All of
these cases are pending in the
United States District Court for the
Southern District of New York.
SEPTEMBER 7, 2007 UPDATE:
We have now reached a final
settlement of the case. Under the
terms of the settlement approved on
September 5, 2007 by U.S. District
Judge John F. Keenan, payments will
be made from a $125 million
settlement fund (plus
accruing interest)
to be provided by Merrill Lynch &
Co. Judge Keenan also certified the
class in the 20 class-action
lawsuits brought against Merrill
Lynch, which concerned the effects
of misleading research reports on
the purchase of stock in various
Internet-based companies.
Click
here
to view the final settlement
approval
in Walsh v. Merrill Lynch & Co., et
al., U.S. District Court, Southern
District of New York, Case No.
1:02cv3042.
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