Merrill Lynch & Co., Inc. ("Merrill Lynch" or the Company) is an American multinational investment management and financial services company.
The original Complaint charges Defendants Merrill Lynch and Blodget with violations of the Securities Exchange Act of 1934. The Complaint alleges that Defendants issued analyst reports concerning DoubleClick that recommended the purchase of DoubleClick common stock and that set price targets for DoubleClick common stock, which were materially false and misleading and lacked any reasonable factual basis. In particular, it is alleged that Defendants failed to disclose significant material conflicts of interest which resulted from the use by Defendant Merrill Lynch of Defendant Blodget's reputation and ability to issue favorable analyst reports, in order to obtain investment banking business for Merrill Lynch. It is also alleged that Defendants, in issuing their DoubleClick analyst reports, in which they recommended the purchase of DoubleClick securities, failed to disclose material, non-public, adverse information which they possessed about DoubleClick. Throughout the Class Period, Defendants maintained an "Accumulate/Buy" or "Buy/Buy" recommendation on DoubleClick stock in order to obtain and support lucrative financial deals for Merrill Lynch.
On November 17, 2003, the Court issued an Order granting Defendant Merrill Lynch's motion to dismiss the Consolidated Amended Class Action Complaint with prejudice because it failed to meet the essential pleading requirements. The Plaintiff later filed a notice of appeal.
According to the docket posted on May 8, 2006, the Court entered the true copy of the Order from the U.S. Court of Appeals for the Second Circuit. A stipulation was filed withdrawing the appeal from active consideration without prejudice and with leave to reactivate.
According to the Notice of Pendency and Proposed Settlement of Class Actions dated March 19, 2007, for In re Merrill Lynch Research Reports Securities Litigation, 02-MDL-1484, the case All Aboard the Training Junction v. Merrill Lynch & Co., 03-CV-2927(JFK) (relating to stock of Doubleclick, Inc.), is part of a proposed settlement of $125 million in cash. A settlement hearing was scheduled before the Honorable John F. Keenan, United States District Judge of the Southern District of New York to determine whether the settlement should be approved.
On September 5, 2007, the Court issued the Opinion and Order No. 95140. According to the Order, U.S. District Judge John F. Keenan certified the class action, approved the settlement, approved the Plan of Allocation and finalized the award of attorneys’ fees and expenses. On September 19, 2007, the Court entered the Order and Final Judgment for In re Merrill Lynch Research Reports Securities Litigation, 02 MDL 1484.
