CHICAGO, Feb. 27, 2004 (PRIMEZONE) -- Much Shelist Freed Denenberg Ament & Rubenstein, P.C. announces that a class action lawsuit is pending in the United States District Court for the District of New Jersey on behalf of purchasers, redeemers and holders of shares of the PIMCO Mutual Funds set forth below (the "Funds") between February 23, 1999 and February 17, 2004, inclusive ("Class Period").
The Funds that are the subject of this suit and their symbols are as follows:
PIMCO StocksPLUS Fund (Nasdaq: PSPAX, PSPBX, PSPCX, PSPDX, PSTKX, PPLAX, PSPRX)
PIMCO StocksPLUS Total Return Fund (Nasdaq: PTOAX, PTOBX, PSOCX, PSTDX, PSPTX)
PIMCO Short-Term Fund (Nasdaq: PSHAX, PTSBX, PFTCX, PSHDX, PTSHX, PSFAX, PTSRX)
PIMCO Low Duration Fund (Nasdaq: PTLAX, PTLBX, PTLCX, PLDDX, PTLDX, PLDAX, PLDRX)
PIMCO Short Duration Municipal Income Fund (Nasdaq: PSDAX, PSDCX, PSDDX,PSDIX, PSDMX)
PIMCO Money Market Fund (Nasdaq: PYAXX, PYCXX, PKCXX, PMIXX, PMAXX)
PIMCO Total Return Fund (Nasdaq: PTTAX, PTTBX, PTTCX, PTTDX, PTTRX, PTRAX, PTRRX)
PIMCO Long-Term U.S. Government Fund (Nasdaq: PFGAX, PFGBX, PFGCX, PGOVX, PLGBX)
PIMCO GNMA Fund (Nasdaq: PAGNX, PBGNX, PCGNX, PGNDX, PDMIX)
PIMCO Total Return Mortgage Fund (Nasdaq: PMRAX, PMRBX, PMRCX, PTMDX, PTRIX)
PIMCO Diversified Income Fund (Nasdaq: PDVAX, PDVBX, PDICX, PDVDX, PDIIX)
PIMCO High Yield Fund (Nasdaq: PHDAX, PHDBX, PHDCX, PHYDX, PHIYX, PHYAX, PHYRX)
PIMCO Global Bond II Fund (Nasdaq: PAIIX, PBIIX, PCIIX, PGBIX)
PIMCO Foreign Bond Fund (Nasdaq: PFOAX, PFOBX, PFOCX, PFODX, PFORX, PFRAX, PFRRX)
PIMCO Emerging Markets Bond Fund (Nasdaq: PAEMX, PBEMX, PEBCX, PEMDX, PEBIX, PEBAX)
PIMCO Municipal Bond Fund (Nasdaq: PMLAX, PMLBX, PMLCX, PMBDX, PFMIX, PMNAX)
PIMCO California Intermediate Municipal Bond Fund (Nasdaq: PCMBX, PCIDX,PCIMX)
PIMCO California Municipal Bond Fund (Nasdaq: PCAAX, PCMDX, PICMX)
PIMCO New York Municipal Bond Fund (Nasdaq: PNYAX,PNYDX)
PIMCO Real Return Fund (Nasdaq: PRTNX, PRRBX, PRTCX, PRRDX, PRRIX, PARRX,PRRRX)
PIMCO Commodity Real Return Strategy Fund (Nasdaq: PCRAX, PCRBX, PCRCX,PCRDX, PCRIX)
PIMCO All Asset Fund (Nasdaq: PASAX, PASBX, PASCX, PASDX, PAAIX, PAALX)
PIMCO International StocksPLUS TR Strategy Fund (Nasdaq: PIPAX, PIPBX,PIPCX, PIPDX)
PIMCO Real Estate Real Return Strategy Fund (Nasdaq: PETAX, PETBX, PETCX, PETDX)
PIMCO PEA Value Fund (Nasdaq: PDLAX, PDLBX, PDLCX, PVLDX, PDLIX, PVLAX, PPVRX)
PIMCO PEA Growth and Income Fund (Nasdaq: PGRAX, PGRBX, PGNCX, PGIDX, PMEIX, PGOIX, PGIRX)
PIMCO PEA Renaissance Fund (Nasdaq: PQNAX, PQNBX, PQNCX, PREDX, PRNIX, PRAAX, PRNRX)
PIMCO PEA Growth Fund (Nasdaq: PGWAX, PGFBX, PGWCX, PGRDX, PGFIX, PGFAX, PPGRX)
PIMCO PEA Target Fund (Nasdaq: PTAAX, PTABX, PTACX, PTRDX, PFTIX, PTADX)
PIMCO PEA Opportunity Fund (Nasdaq: POPAX, POOBX, POPCX, POFIX, POADX)
PIMCO PEA Innovation Fund (Nasdaq: PIVAX, PIVBX, PIVCX, PIVZX, PIFIX,PIADX)
PIMCO NFJ Large-cap Value Fund (Nasdaq: PNBAX, PNBBX, PNBCX, PNBDX)
PIMCO NFJ Dividend Value Fund (Nasdaq: PNEAX, PNEBX, PNECX, PEIDX, NFJEX, PNERX)
PIMCO NFJ Small-Cap Value Fund (Nasdaq: PCVAX, PCVBX, PCVCX, PNVDX, PSVIX, PVADX, PNVRX)
PIMCO CCM Capital Appreciation Fund (Nasdaq: PCFAX, PFCBX, PFCCX, PCADX, PAPIX, PICAX, PCARX)
PIMCO CCM Mid-Cap Fund (Nasdaq: PFMAX, PFMBX, PFMCX, PMCDX, PMGIX, PMCGX,PMCRX)
PIMCO RCM Large-Cap Growth Fund (Nasdaq: RALGX, RBLGX, RCLGX, DLCNX, DRLCX, DLGAX, PLCRX)
PIMCO RCM Tax-Managed Growth Fund (Nasdaq: PMWAX, PMWBX, PMWCX, DRTNX, DRTIX)
PIMCO RCM Mid-Cap Fund (Nasdaq: RMDAX, RMDBX, RMDCX, DMCNX, DRMCX, PRMRX)
PIMCO RCM Global Small-Cap Fund (Nasdaq: RGSAX, RGSBX, RGSCX, DGSNX, DGSCX)
PIMCO RCM International Growth Equity Fund (Nasdaq: RAIGX, RBIGX, RCIGX), DIENX, DRIEX)
PIMCO RCM Global Healthcare Fund (Nasdaq: RAGHX, RBGHX, RCGHX, DGHCX)
PIMCO RCM Biotechnology Fund (Nasdaq: RABTX, RBBTX, RCBTX, DRBNX)
PIMCO RCM Global Technology Fund (Nasdaq: RAGTX, RBGTX, RCGTX, DGTNX, DRGTX)
PIMCO Asset Allocation Fund (Nasdaq: PALAX, PALBX, PALCX)
PIMCO NACM Value Fund (Nasdaq: PVUAX, PVUBX, PVUCX, PVUDX)
PIMCO NACM Flex-Cap Fund (Nasdaq: PNFAX, PNFBX, PNFCX, PNFDX)
PIMCO NACM Growth Fund (Nasdaq: NGWAX, NGWBX, NGWCX, NGWDX)
PIMCO NACM International Fund (Nasdaq: PILAX, PILBX, PILCX, PILDX, PILRX)
PIMCO NACM Pacific Rim Fund (Nasdaq: PPRAX, PPRBX, PPRCX, PPRDX, NAPRX)
The Complaint charges Allianz Dresdner Asset Management of America L.P., PIMCO Advisors Distributors LLC, Pacific Investment Management Company LLC, PEA Capital LLC, Pacific Company LLC, Edward J. Stern, Canary Capital Partners, LLC, Canary Investment Management, LLC and Canary Capital Partners, Ltd. (collectively "Canary") with violations of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and with common law breach of fiduciary duties.
Much Shelist is currently investigating these claims. If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to PIMCO.
Specifically, the Complaint alleges that during the Class Period the defendants engaged in illegal and improper trading practices, which caused financial injury to the shareholders of the PIMCO Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including Canary, to illegally engage in "market timing" of the PIMCO 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 PIMCO Mutual Funds' prospectuses.
If you purchased, held or redeemed the Funds during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than April 20, 2004.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca