CHICAGO, Nov. 3, 2003 (PRIMEZONE) -- The deadline for investors in Strong Mutual Funds to move for lead plaintiff in a securities fraud class action against Strong Capital Management, Inc., its Chairman and founder, Richard Strong, and the Strong Family of Mutual Funds is tomorrow. If you purchased, redeemed or held Strong Mutual Funds, as described below, between October 1, 1998 and July 3, 2003 (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 Court(s) where the lawsuit has been filed by November 4, 2003.
The lawsuit filed by Much Shelist is on behalf of purchasers, holders and redeemers of Strong Mutual Funds between October 1, 1998 and July 3, 2003, inclusive, ("Class Period").
The Strong Funds are as follows:
Strong Advisor Common Stock Fund Strong Advisor Small Cap Value Fund Strong Advisor U.S. Value Fund Strong Advisor Bond Fund Strong Advisor Short Duration Fund Strong Advisor Mid-Cap Growth Fund Strong Florida Municipal Money Market Fund Strong Heritage Money Fund Strong Money Market Fund Strong Municipal Money Market Fund Strong Tax-Free Money Fund Strong Ultra Short-Term Income Fund Strong Ultra Short-Term Municipal Income Fund Strong Balanced Fund Strong Growth & Income Fund Strong Index 500 Fund Strong Opportunity Fund Strong Blue Chip Fund Strong Discovery Fund Strong Endeavor Fund Strong Enterprise Fund Strong Growth Fund Strong Growth 20 Fund Strong Large Cap Growth Fund Strong Large Company Growth Fund Strong U.S. Emerging Growth Fund Strong Corporate Bond Fund Strong Corporate Income Fund Strong Government Securities Fund Strong High-Yield Bond Fund Strong Short-Term Bond Fund Strong Short-Term High Yield Bond Fund Strong Short-Term Income Fund Strong Asia Pacific Fund Strong Overseas Fund Strong Large Cap Core Fund Strong Life Stage Series - Aggressive Portfolio Fund Strong Life Stage Series, Inc. Strong Municipal Bond Fund Strong Municipal Funds Strong Opportunity Fund Strong Short-Term Municipal Bond Fund Strong Life Stage Series-Moderate Portfolio Strong Multi Cap Value Fund Strong High-Yield Municipal Bond Fund Strong Intermediate Municipal Bond Fund Strong Minnesota Tax-Free Fund Strong Short-Term High Yield Municipal Fund Strong Wisconsin Tax-Free Fund Strong Energy Fund Strong Technology 100 Fund Strong Value Fund Strong All Cap Value Fund Strong Divident Income Fund Strong Dow 30 Value Fund Strong Mid Cap Disciplined Fund Strong Small Company Value Fund Strong Strategic Value Fund
If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Louis A. Kessler 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 Strong.
The Complaint filed by Much Shelist charges Strong Capital Management, Inc., its Chairman and founder, Richard Strong, the Strong Family of Funds and certain subsidiaries and affiliates with violating Sections 11 and 15 of the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, Sections 34 and 36 the Investment Company Act of 1940, and with common law breach of fiduciary duties in return for substantial fees and other income for themselves and their affiliates.
Specifically, the Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, LLC ("Canary") to engage in the "market timing" of their transactions in the Funds' securities. Market timing is excessive, arbitrage trading undertaken to turn a quick profit. Market timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by the Strong Funds. In return for receiving extra fees from Canary and other favored investors, Strong Financial Corporation and its subsidiaries allowed and facilitated these market timing activities, to the detriment of class members, who paid, dollar for dollar, for the favored investors' improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against market timing.
If you had a significant investment in Strong Funds during the Class Period and if you meet certain other legal requirements, you may wish to file a motion in the Court(s) where the lawsuit has been filed to serve as a 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. You must file your motion no later than November 4, 2003.
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." 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.