ATLANTA, Sept. 15, 2003 (PRIMEZONE) -- The law firm of Holzer Holzer & Cannon, LLC announced today that it has filed a class action lawsuit in the United States District Court for the Eastern District of Wisconsin on behalf of all purchasers, redeemers and holders of shares of the Strong Growth Fund (Nasdaq:SGROX), Strong Large-Cap Growth Fund (Nasdaq:STRFX), Strong Growth 20 Fund (Nasdaq:SGTWX), Strong Advisor Mid-Cap Growth Fund (Nasdaq:SMDCX), Strong Dividend Income Fund (Nasdaq:SDVIX), and other funds managed by Capital Management, Inc. (Collectively, the "Strong Funds") between October 26, 2002 and September 3, 2003 (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or by contacting Holzer Holzer & Cannon, LLC, toll-free, at (888) 508-6832, or by sending an e-mail to mfistel@holzerlaw.com.
The complaint alleges that the Strong Capital Management, Inc., the Strong Funds, and certain of its investment advisors violated the Investment Company Act of 1940 and breached common law fiduciary duties in return for substantial fees and other income for themselves and their affiliates. The complaint alleges that during the Class Period, the Strong 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 Strong Funds. As alleged in the complaint, Defendants permitted certain favored investors, including Defendant Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary") to illegally receive the prior day's price for orders placed after 4:00 p.m. This allowed Canary and other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on post 4:00 p.m. information, while those who bought their mutual fund shares lawfully could not capitalize on such information.
Further, the complaint alleges that Defendants permitted Canary and other favored investors to engage in "timing" of the Strong 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 Strong Funds' prospectuses.
If you bought, redeemed or owned shares of the Strong Funds and would like to discuss this action, or if you have any questions concerning this Notice of Filing or your rights as a potential Class member, or if you wish to serve as a lead plaintiff in this lawsuit, you may call or e-mail the attorney below.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca