NEW YORK, May 14, 2002 (PRIMEZONE) -- A class action complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02 Civ. 03690, on behalf of all persons or entities who purchased Internet Capital Group, Inc. ("Internet Capital Group") common stock (Nasdaq:ICGE) between August 30, 1999 and November 8, 2000, both dates inclusive (the "Class Period"). Merrill Lynch & Co., Inc. ("Merrill Lynch") and Henry Blodget, a former Internet Capital Group analyst at Merrill Lynch, are named as defendants in the action.
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated sections 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder by issuing a series of materially false and misleading statements in analyst reports concerning Internet Capital Group during the Class Period. In particular, it is alleged that defendants recommended the purchase of and set price targets for Internet Capital Group common stock without any reasonable factual basis therefor; failed to disclose significant material conflicts of interest to obtain investment banking business for Merrill Lynch; and failed to disclose material, non-public, adverse information which they possessed about Internet Capital Group, as well as their true opinion about Internet Capital Group. The Complaint alleges that as a result of these false and misleading statements the price of Internet Capital Group common stock was artificially inflated throughout the Class Period, causing plaintiff and the other members of the Class to suffer damages.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased Internet Capital Group common stock during the Class Period described above, you may, no later than June 25, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric Belfi or Sharon Lee of Rabin & Peckel LLP to further discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca