Cohen Milstein Hausfeld & Toll, P.L.L.C. Files Class Action Suit Against Credit Suisse On Behalf Of Purchasers Of AOL Time Warner, Inc. Stock

Business Wire, Nov 5, 2002

Business Editors, Legal Writers

WASHINGTON--(BUSINESS WIRE)--Nov. 5, 2002

A class action suit alleging securities fraud has been filed in the United States District Court for the District of Massachusetts against Credit Suisse First Boston Corporation, a subsidiary of Credit Suisse Group ("Credit Suisse"), and one of its technology analysts by the law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C.

The case was filed on behalf of all persons who purchased common stock of AOL Time Warner Inc. ("AOL") during the period from April 3, 2001 through January 30, 2002 (the "Class Period"). Another similar lawsuit asserts a class period of January 16, 2001 through September 3, 2002. Cohen Milstein has also filed suits against Credit Suisse on behalf of purchasers of Agilent Technologies and Razorfish, Inc.

The complaint alleges that the defendants violated section 10(b) of the Securities Exchange Act of 1934 ("the Exchange Act"), and Rule 10b-5 promulgated thereunder, and Section 20(a) of the Exchange Act, by issuing a series of favorable research reports on AOL that were materially false or misleading in that they did not reflect Credit Suisse's true opinion of AOL and they did not disclose conflicts of interest of Credit Suisse. In particular, the reports did not disclose the practice of Credit Suisse to use its research coverage as part of its marketing efforts to gain lucrative investment banking business.

According to an administrative complaint filed by the Secretary of the Commonwealth of Massachusetts, on one occasion Credit Suisse issued an analyst report stating Credit Suisse believed AOL could achieve the earnings guidance AOL had given the market, when Credit Suisse in fact believed (as expressed in internal communications) that AOL could not make its numbers. The Massachusetts complaint alleges that Credit Suisse "purposely misled investors" with its analyst reports.

If you purchased AOL Time Warner stock in the class periods asserted, you may request to serve as a lead plaintiff. The deadline for making such a request is December 31, 2002. If you have questions with regard to this case, your rights or serving as a lead plaintiff, you may contact one of the following:

Steven J. Toll, Esq. (stoll@cmht.com)

Mary Ann Fink (mfink@cmht.com)

Telephone: 888/240-0775 or 202/408-4600

Cohen, Milstein, Hausfeld & Toll, P.L.L.C.

1100 New York Avenue, NW

West Tower, Suite 500

Washington, DC 20005

The law firm of Cohen, Milstein, Hausfeld & Toll, P.L.L.C., has significant experience in prosecuting investor class actions and actions involving financial fraud. The firm has offices in Washington, D.C., Seattle and New York, and is active in major litigation pending in federal and state courts throughout the nation. Please visit our website at www.cmht.com.