Gst, the class action lawyers are after Mary Meeeeeeker!
Btw
Did you hear Meeker got another $5 million pa contract to stay at Morgan Stanley for the next 5 years?
Btw
The new economy boyz have always loved Mary Meeker, and Abbey J Cohen.
>BALA CYNWYD, Pa., Aug 1, 2001 /PRNewswire via COMTEX/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Amazon.com, Inc. (Nasdaq: AMZN chart, msgs) from August 1, 1998 through January 22, 2001, inclusive (the "Class Period"). Morgan Stanley Dean Witter & Co. (NYSE: MWD chart, msgs)("Morgan Stanley"), a company which has provided investment banking services to Amazon, is named as a defendant in this lawsuit, along with Morgan Stanley's Internet analyst Mary Meeker ("Meeker"). No Amazon employees are named as defendants in this lawsuit. To view a copy of the complaint online please visit www.sbclasslaw.com.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
Historically, brokerage firms like Morgan Stanley that performed both investment banking and research analysis activities maintained a "Chinese Wall" between the two functions to ensure that the analysts' research and recommendations remained objective and were not influenced by the firm's interest in attracting and retaining investment banking business. The complaint alleges that throughout the Class Period, the Chinese Wall did not exist between Meeker and Morgan Stanley, which caused class members to suffer millions of dollars in damages.
Specifically, the complaint charges Morgan Stanley and Meeker with issuing false and misleading statements and failing to disclose material information concerning Meeker's true relationship with Amazon throughout the Class Period. Among other things, the complaint alleges that: (i) contrary to Morgan Stanley's public representations, Meeker's main job at Morgan Stanley during the Class Period was attracting and retaining investment banking clients for Morgan Stanley; (ii) Meeker's ratings, recommendations, and positive statements regarding Amazon were not based on objective analyses, but rather on her desire to attract and retain Amazon as a Morgan Stanley banking client; and (iii) Meeker's compensation was directly tied to the amount of investment banking business she generated for Morgan Stanley.
The complaint further alleges that the facts described above were not disclosed to the market during the Class Period because it was in both Morgan Stanley's and Meeker's interest for her to become Morgan Stanley's "star investment banker." The complaint alleges that Morgan Stanley improperly earned millions of dollars in fees due to Meeker's behind the scenes deal- making and business-generating activities. The complaint also alleges that Meeker personally benefitted from her improper conduct, which allowed her to purportedly earn $15 million in 1999 alone, which amount was largely based on her ability to attract and retain investment banking business for Morgan Stanley. All of the undisclosed facts detailed above caused class members to purchase Amazon common stock at inflated prices throughout the Class Period, which has caused them to suffer enormous damages.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, LLP, who has significant experience and expertise prosecuting class actions on behalf of investors and shareholders. For more information on Schiffrin & Barroway, or to sign-up to participate in this action online, please visit www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than September 30, 2001, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. |
