LOS ANGELES, Dec. 12, 2003 (PRIMEZONE) -- Notice is hereby given by Glancy & Binkow LLP that a Class Action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired certain of the PBHG family of mutual funds (the "Pilgrim Funds"), between November 24, 1998 and November 12, 2003, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Pilgrim Baxter & Associates Ltd, PBHG Funds, and Old Mutual Asset Management, among others, with violations of federal securities laws. The complaint alleges that during the Class Period defendants failed to disclose that certain favored investors were allowed to engage in "late trading" and "market timing" of the Pilgrim Funds' securities. Late trading allows favored investors to make use of market-moving information that only becomes available after 4 P.M and has been compared to betting on a horse race that already has been run; timing involves short-term, in-and-out trading of mutual fund shares. Late trading and timing injure ordinary mutual fund investors - who are not allowed to engage in such practices - and are acknowledged as improper practices by the Pilgrim Funds. The complaint alleges that these practices were undisclosed in the Pilgrim Funds' prospectuses, which falsely represented that the Pilgrim Funds actively police against timing and represented that post-4 P.M. EST trades will be priced based on the next day's net asset value and that premature redemptions will be assessed a charge.
The Pilgrim Funds, and the symbols for the respective Pilgrim Funds named below, are as follows:
PBHG Growth Fund (Nasdaq: PBHGX), (Nasdaq: PBGWX), (Nasdaq: PAHGX), (Nasdaq: PCHGX) PBHG Emerging Growth Fund (Nasdaq: PBEGX), (Nasdaq: PAEGX), (Nasdaq: PCEGX) PBHG Large Cap Growth Fund (Nasdaq: PBHLX), (Nasdaq: PBLAX), (Nasdaq: PLCGX), (Nasdaq: PALGX), (Nasdaq: PCLGX) PBHG Select Growth Fund (Nasdaq: PBHEX), (Nasdaq: PAHEX), (Nasdaq: PCHEX) PBHG Focused Fund (Nasdaq: PBFVX), (Nasdaq: PAFCX), (Nasdaq: PCFCX) PBHG Large Cap Fund (Nasdaq: PLCVX), (Nasdaq: PBLVX), (Nasdaq: PLCAX), (Nasdaq: PCCAX) PBHG Large Cap 20 Fund (Nasdaq: PLCPX), (Nasdaq: PLTAX), (Nasdaq: PLGAX), (Nasdaq: PCLAX) PBHG Strategic Small Company Fund (Nasdaq: PSSCX), (Nasdaq: PBSSX), (Nasdaq: PSSAX), (Nasdaq: PCSSX) PBHG Disciplined Equity Fund (Nasdaq: PBDEX), (Nasdaq: PBOEX), (Nasdaq: PADEX), (Nasdaq: PCDEX) PBHG Mid-Cap Fund (Nasdaq: PBMCX), (Nasdaq: PMCAX), (Nasdaq: PMCVX), (Nasdaq: PAMIX), (Nasdaq: PCCPX) PBHG Small Cap Fund (Nasdaq: PBSVX), (Nasdaq: PVAAX), (Nasdaq: PSAMX), (Nasdaq: PSCMX) PBHG Clipper Focus Fund (Nasdaq: PBFOX), (Nasdaq: PCLFX), (Nasdaq: PAFOX), (Nasdaq: PCFOX) PBHG Small Cap Value Fund (Nasdaq: PSMVX), (Nasdaq: PACVX), (Nasdaq: PCCVX) PBHG REIT Fund (Nasdaq: PBRTX), (Nasdaq: PBRAX), (Nasdaq: PCRTX), (Nasdaq: PARTX) PBHG Technology & Communications Fund (Nasdaq: PBTCX), (Nasdaq: PTNAX), (Nasdaq: PTCHX), (Nasdaq: PATCX), (Nasdaq: PCOMX) PBHG IRA Capital Preservation Fund (Nasdaq: PBCPX), (Nasdaq: PACPX), (Nasdaq: PIRAX), (Nasdaq: PIRCX) PBHG Intermediate Fixed Income Fund (Nasdaq: PBFIX), (Nasdaq: PAFIX), (Nasdaq: PCIRX) PBHG Cash Reserves Fund (Nasdaq: PBCXX)
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than January 13, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.