NEW YORK, Oct. 8, 2003 (PRIMEZONE) -- A class action lawsuit has been filed in United States District Court for the Southern District of New York, case number 03-CV-7765, on behalf of all persons or entities who purchased or otherwise acquired AllianceBernstein Balanced Shares (Nasdaq:CABBX) (Nasdaq:CBACX), AllianceBernstein Disciplined Value Fund (Nasdaq:ADGBX) (Nasdaq:ADGCX), AllianceBernstein Global Value Fund (Nasdaq:ABBGX) (Nasdaq:ABCGX), AllianceBernstein International Value Fund (Nasdaq:ABIBX) (Nasdaq:ABICX), and other AllianceBernstein family of funds (the "Funds") owned and operated by Alliance Capital Management Holding L.P. (NYSE:AC), and its subsidiaries and other affiliates, between October 2, 1998 and September 29, 2003 (the "Class Period"). The complaint names Alliance Capital Management Holding L.P., Alliance Capital Management Corporation, Alliance Capital Management, L.P., AXA Financial, Inc., each of the registrants for the Funds, Gerald Malone, Charles Schaffran, Edward J. Stern, Canary Capital Partners, LLC, Canary Investment Management, LLC, Canary Capital Partners, Ltd, each of the Funds, and John Does 1-100.
The Funds, and the symbols for the respective Funds named below, are as follows:
U.S. Stock Funds AllianceBernstein Growth & Income Fund (Nasdaq:CABDX) (Nasdaq:CBBDX) (Nasdaq:CBBCX) AllianceBernstein Health Care Fund (Nasdaq:AHLAX) (Nasdaq:CBBDX) (Nasdaq:CBBCX) AllianceBernstein Disciplined Value Fund (Nasdaq:ADGAX) (Nasdaq:ADGBX) (Nasdaq:ADGCX) AllianceBernstein Mid-Cap Growth (Nasdaq:CHCAX) (Nasdaq:CHCBX) (Nasdaq:CHCCX) AllianceBernstein Real Estate Investment Fund (Nasdaq:AREAX) (Nasdaq:AREBX) (Nasdaq:ARECX) AllianceBernstein Growth Fund (Nasdaq:AGRFX) (Nasdaq:AGBBX) (Nasdaq:AGRCX) AllianceBernstein Select Investor Series Biotechnology Portfolio (Nasdaq:ASBAX) (Nasdaq:AIBBX) (Nasdaq:ASBCX) AllianceBernstein Small CapValue Fund (Nasdaq:ABASX) (Nasdaq:ABBSX) (Nasdaq:ABCSX) AllianceBernstein Premier Growth Fund (Nasdaq:APGAX) (Nasdaq:APGBX) (Nasdaq:APGCX) AllianceBernstein Select Investor Series Technology Portfolio (Nasdaq:AITAX) (Nasdaq:AITBX) (Nasdaq:AITCX) AllianceBernstein Value Fund (Nasdaq:ABVAX) (Nasdaq:ABVBX) (Nasdaq:ABVCX) AllianceBernstein Quasar Fund (Nasdaq:QUASX) (Nasdaq:QUABX) (Nasdaq:QUACX) AllianceBernstein Technology Fund (Nasdaq:ALTFX) (Nasdaq:ATEBX) (Nasdaq:ATECX) AllianceBernstein Select Investor Series Premier Portfolio (Nasdaq:ASPAX) (Nasdaq:ASPBX) (Nasdaq:ASPCX) AllianceBernstein Utility Income Fund (Nasdaq:AUIAX) (Nasdaq:AUIBX) (Nasdaq:AUICX) Value Funds AllianceBernstein Balanced Shares (Nasdaq:CABNX) (Nasdaq:CABBX) (Nasdaq:CBACX) AllianceBernstein Disciplined Value Fund (Nasdaq:ADGAX) (Nasdaq:ADGBX) (Nasdaq:ADGCX) AllianceBernstein Global Value Fund (Nasdaq:ABAGX) (Nasdaq:ABBGX) (Nasdaq:ABCGX) AllianceBernstein International Value Fund (Nasdaq:ABIAX) (Nasdaq:ABIBX) (Nasdaq:ABICX) AllianceBernstein Real Estate Investment Fund (Nasdaq:AREAX) (Nasdaq:AREBX) (Nasdaq:ARECX) AllianceBernstein Small Cap Value Fund (Nasdaq:ABASX) (Nasdaq:ABBSX) (Nasdaq:ABCSX) AllianceBernstein Utility Income Fund (Nasdaq:AUIAX) (Nasdaq:AUIBX) (Nasdaq:AUICX) AllianceBernstein Value Fund (Nasdaq:ABVAX) (Nasdaq:ABVBX) (Nasdaq:AVBCX) Blended Style Series AllianceBernstein Blended Style Series - U.S. Large Cap Portfolio (Nasdaq:ABBAX) (Nasdaq:ABBAX) (Nasdaq:ABBCX) Global & International Stock Funds AllianceBernstein All-Asia Investment Fund (Nasdaq:AALAX) (Nasdaq:AAABX) (Nasdaq:AAACX) AllianceBernstein Global Value Fund (Nasdaq:ABAGX) (Nasdaq:ABBGX) (Nasdaq:ABCGX) AllianceBernstein Greater China '97 Fund (Nasdaq:GCHAX) (Nasdaq:GCHBX) (Nasdaq:GCHCX) AllianceBernstein International Premier Growth Fund (Nasdaq:AIPAX) (Nasdaq:AIPBX) (Nasdaq:AIPCX) AllianceBernstein International Value Fund (Nasdaq:ABIAX) (Nasdaq:ABIBX) (Nasdaq:ABICX) AllianceBernstein Global Small Cap Fund (Nasdaq:GSCAX) (Nasdaq:AGCBX) (Nasdaq:GSCCX) AllianceBernstein New Europe Fund (Nasdaq:ANEAX) (Nasdaq:ANEBX) (Nasdaq:ANECX) AllianceBernstein Worldwide Privatization Fund (Nasdaq:AWPAX) (Nasdaq:AWPBX) (Nasdaq:AWPCX) Select Investor Series AllianceBernstein Select Investor Series Biotechnology Portfolio (Nasdaq:ASBAX) (Nasdaq:AIBBX) (Nasdaq:ASBCX) AllianceBernstein Select Investor Series Premier Portfolio (Nasdaq:ASPAX) (Nasdaq:ASPBX) (Nasdaq:ASPCX) AllianceBernstein Select Investor Series Technology Portfolio (Nasdaq:AITAX) (Nasdaq:AITBX) (Nasdaq:AITCX) Taxable Bond Funds AllianceBernstein Americas Government Income Trust (Nasdaq:ANAGX) (Nasdaq:ANABX) (Nasdaq:ANACX) AllianceBernstein Bond Fund Corporate Bond Portfolio (Nasdaq:CBFAX) (Nasdaq:CBFBX) (Nasdaq:CBFCX) AllianceBernstein Bond Fund Quality Bond Portfolio (Nasdaq:ABQUX) (Nasdaq:ABQBX) (Nasdaq:ABQCX) AllianceBernstein Bond Fund U.S. Government Portfolio (Nasdaq:ABUSX) (Nasdaq:ABUBX) (Nasdaq:ABUCX) AllianceBernstein Emerging Market Debt Fund (Nasdaq:AGDAX) (Nasdaq:AGDBX) (Nasdaq:AGDCX) AllianceBernstein Global Strategic Income Trust (Nasdaq:AGSAX) (Nasdaq:AGSBX) (Nasdaq:AGCCX) AllianceBernstein High Yield Fund (Nasdaq:AHYAX) (Nasdaq:AHHBX) (Nasdaq:AHHCX) AllianceBernstein Multi-Market Strategy Trust (Nasdaq:AMMSX) (Nasdaq:AMMBX) (Nasdaq:AMMCX) AllianceBernstein Short Duration (Nasdaq:ADPAX) (Nasdaq:ADPBX) (Nasdaq:ADPCX) Tax-Exempt Bond Funds AllianceBernstein Intermediate California Muni Portfolio (Nasdaq:AICBX) (Nasdaq:ACLBX) (Nasdaq:ACMCX) AllianceBernstein Intermediate Diversified Muni Portfolio (Nasdaq:AIDAX) (Nasdaq:AIDBX) (Nasdaq:AIMCX) AllianceBernstein Intermediate New York Muni Portfolio (Nasdaq:ANIAX) (Nasdaq:ANYBX) (Nasdaq:ANMCX) AllianceBernstein Muni Income Fund National Portfolio (Nasdaq:ALTHX) (Nasdaq:ALTBX) (Nasdaq:ALNCX) AllianceBernstein Muni Income Fund Arizona Portfolio (Nasdaq:AAZAX) (Nasdaq:AAZBX) (Nasdaq:AAZCX) AllianceBernstein Muni Income Fund California Portfolio (Nasdaq:ALCAX) (Nasdaq:ALCBX) (Nasdaq:ACACX) AllianceBernstein Muni Income Fund Insured California Portfolio (Nasdaq:BUICX) (Nasdaq:BUIBX) (Nasdaq:BUCCX) AllianceBernstein Muni Income Fund Insured National Portfolio (Nasdaq:CABTX) (Nasdaq:CBBBX) (Nasdaq:CACCX) AllianceBernstein Muni Income Fund Florida Portfolio (Nasdaq:AFLAX) (Nasdaq:AFLBX) (Nasdaq:AFLCX) AllianceBernstein Muni Income Fund Massachusetts Portfolio (Nasdaq:AMAAX) (Nasdaq:AMABX) AllianceBernstein Muni Income Fund Michigan Portfolio (Nasdaq:AMIAX) (Nasdaq:AMIBX) (Nasdaq:AMICX) AllianceBernstein Muni Income Fund Minnesota Portfolio (Nasdaq:AMNAX) (Nasdaq:AMNBX) (Nasdaq:AMNCX) AllianceBernstein Muni Income Fund New Jersey Portfolio (Nasdaq:ANJAX) (Nasdaq:ANJBX) (Nasdaq:ANJCX) AllianceBernstein Muni Income Fund New York Portfolio (Nasdaq:ALNYX) (Nasdaq:ALNBX) (Nasdaq:ANYCX) AllianceBernstein Muni Income Fund Ohio Portfolio (Nasdaq:AOHAX) (Nasdaq:AOHBX) (Nasdazq:AOHCX) AllianceBernstein Muni Income Fund Pennsylvania Portfolio (Nasdaq:APAAX) (Nasdaq:APABX) (Nasdaq:APACX) AllianceBernstein Muni Income Fund Virginia Portfolio (Nasdaq:AVAAX) (Nasdaq:AVABX) (Nasdaq:AVACX) Investors in the State of Rhode Island 529 Plan, known as the CollegeBoundfund(SM), may have invested in one or more of the funds listed below: AllianceBernstein Growth & Income Fund AllianceBernstein Mid-Cap Growth Fund AllianceBernstein Premier Growth Fund AllianceBernstein Quasar Fund AllianceBernstein Technology Fund AllianceBernstein Quality Bond Portfolio AllianceBernstein International Value Fund AllianceBernstein Small Cap Value Fund AllianceBernstein Value Fund
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Gregory Linkh at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, New York 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
The Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, certain of the defendants failed to disclose that they improperly allowed certain hedge funds, including Canary and certain Alliance hedge funds, to engage in "late trading" and "timing" of the Funds' securities. Late trades are trades received after 4:00 p.m. EST that are filled based on that day's net asset value, as opposed to being filled based on the next day's net asset value, which is the proper procedure under SEC regulations.
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 is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. 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 Funds.
In return for receiving extra fees from Canary and other favored investors, Alliance Capital Management Holding and its subsidiaries allowed and facilitated Canary's timing and late trading activities, to the detriment of class members, who paid, dollar for dollar, for Canary's improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the 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.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired any of the Funds described above, between October 2, 1998 and September 29, 2003 and sustained damages, you may, no later than December 1, 2003, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Gregory Linkh of Rabin, Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.