NEW YORK, Dec. 4, 2003 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of shares of the Fred Alger Family of Mutual Funds (the "Fred Alger Funds") during the period between November 1, 1998 and September 3, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=189&pcode=10&pp=4.
The Funds, and the symbols for the respective Funds named below, are as follows:
Alger SmallCap Portfolio (ALSAX, ALSCX, AGSCX) Alger SmallCap and MidCap Portfolio (ALMAX, ALMBX, ALMCX) Alger MidCap Growth Portfolio (AMGAX, AMCGX, AMGCX) Alger LargeCap Growth Portfolio (ALGAX, AFGPX, ALGCX) Alger Capital Appreciation Portfolio (ACAAX, ACAPX, ALCCX) Alger Health Sciences Portfolio (AHSAX, AHSBX, AHSCX) Alger Balanced Portfolio (ALBAX, ALGBX, ALBCX) Alger Small Cap Institutional Fund (ALSRX, ASIRX) Alger MidCap Institutional Fund (ALMRX, AGIRX) Alger LargeCap Growth Institutional Fund (ALGRX, ALGIX) Alger Capital Appreciation Institutional Fund (ALARX, ACARX) Alger Balanced Institutional Fund (ABLRX, ABIRX) Alger Socially Responsible Growth Institutional Fund (ASRGX, ASRRX) Spectra Fund (SPEAX, SPECX)
The complaint charges Fred Alger Management Inc., the Alger Fund, James Patrick Connelly Jr., the Fred Alger Funds, Veras Investment Partners, LLP, and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), among other claims, and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the Fred Alger 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 Fred Alger Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the Fred Alger 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 Fred Alger Funds' prospectuses.
If you bought shares of the Fred Alger Funds between November 1, 1998 and September 3, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than January 5, 2004 If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.