NEW YORK, June 5, 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. 4242, on behalf of all persons or entities who purchased Merrill Lynch Internet Infrastructure Holdrs depository receipts ("Internet Infrastructure Holdrs") issued by the Merrill Lynch Internet Infrastructure Holdrs/SM Trust (the "Trust") (AMEX:IIH) between February 24, 2000 through April 8, 2002, both dates inclusive (the "Class Period"). Merrill Lynch & Co., Inc. and Merrill Lynch Pierce Fenner & Smith (together, "Merrill Lynch"), the Trust and the signatories of the Registration Statement and Prospectus (together, the "Prospectus") issued on behalf of the Trust, 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 11, 12(a)(2), and 15 of the Securities Act of 1933 by issuing a series of false and misleading statements, and omissions of material fact contained in the Prospectus filed with the SEC on February 24, 2000, for the issuance and initial public offering (the "Offering") of one billion Internet Infrastructure HOLDRS. In particular, it is alleged that the Prospectus was materially false and misleading because it failed to disclose that defendants recommended the purchase of and set price targets for stocks of certain of the companies that were included as assets of the Trust (the "Underlying Securities") 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 such companies, as well as their true opinion about such companies. It is further alleged that the Prospectus failed to disclose that, consequently, stocks of the Underlying Securities covered by Merrill Lynch traded at artificially inflated prices, which in turn artificially inflated the price of the Internet Infrastructure Holdrs 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 Infrastructure HOLDRS during the Class Period described above, you may, no later than August 4, 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.