BALA CYNWYD, Pa., Jan. 3, 2003 (PRIMEZONE) -- PBHG Mutual Fund investors have ten (10) days to move for lead plaintiff in a securities fraud class action recently brought PBHG Mutual Funds, which are managed by Pilgrim Baxter & Associates, Ltd. from November 13, 1998 through November 13, 2003, inclusive (the "Class Period"). If you purchased any of the PBHG Mutual Funds listed below between November 13, 1998 and November 13, 2003, inclusive (the "Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Eastern District of Pennsylvania by January 13, 2004.
The following PBHG Mutual Funds are subject to this class action:
PBHG Growth Fund (Nasdaq:PBHGX)
PBHG Emerging Growth Fund (Nasdaq:PBEGX)
PBHG Large Cap Growth Fund (Nasdaq:PBHLX)
PBHG Select Growth Fund (Nasdaq:PBHEX)(formally known as PBHG Select Equity Fund (Nasdaq:PBHEX))
PBHG Focused Fund (Nasdaq:PBFVX) (formally known as PBHG Focused Value Fund (Nasdaq:PBFVX))
PBHG Large Cap Fund (Nasdaq:PLCVX) (formally known as PBHG Large Cap Value Fund (Nasdaq:PLCVX))
PBHG Large Cap 20 Fund (Nasdaq:PLCPX)
PBHG Strategic Small Company Fund (Nasdaq:PSSCX)
PBHG Disciplined Equity Fund (Nasdaq:PBDEX)
PBHG Mid-Cap Fund (Nasdaq:PBMCX) (formally known as PBHG Mid-Cap Value Fund (Nasdaq:PBMCX))
PBHG Small Cap Fund (Nasdaq:PBSVX) (formally known as PBHG Small Cap Value Fund (Nasdaq:PBSVX))
PBHG Clipper Focus Fund (Nasdaq:PBFOX)
PBHG Small Cap Value Fund (Nasdaq:PSMVX) (formally known as TS&W Small Cap Value Fund, LLC) (Nasdaq:PSMVX))
PBHG REIT Fund (Nasdaq:PBRTX)
PBHG Technology & Communications Fund (Nasdaq:PBTCX)
PBHG IRA Capital Preservation Fund (Nasdaq:PBCPX)
PBHG Intermediate Fixed Income Fund (Nasdaq:PBFIX)
PBHG Cash Reserves Fund (Nasdaq:PBCXX)
The complaint charges Pilgrim Baxter & Associates, Ltd., Harold J. Baxter, Gary L. Pilgrim, PBGH Funds, PBHG Fund Distributors, PBHG Mutual Funds and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act") and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the PBHG Mutual Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the PBHG Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including defendant Pilgrim's private investment limited partnership, to illegally engage in "timing" of the PBHG Mutual Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the PBHG Mutual Funds' prospectuses.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than January 13, 2004, 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. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.