NEW YORK, Sept. 2, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased MFS Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The Funds, and the Symbols for the respective MFS Funds named below, are as follows:
MFS Capital Opportunities Fund (Nasdaq:MCOFX), (Nasdaq:MCOBX), (Nasdaq:MCOCX), (Nasdaq:MFCRX), (Nasdaq:MCOTX), (Nasdaq:EACOX), (Nasdaq:EBCOX), (Nasdaq:ECCOX), (Nasdaq:MCOIX) MFS Core Growth Fund (Nasdaq:MFCAX), (Nasdaq:MFCBX), (Nasdaq:MFCCX), (Nasdaq: MCFRX), (Nasdaq:MCRRX), (Nasdaq:MFCIX) MFS Emerging Growth Fund (Nasdaq:MEGRX), (Nasdaq:MEGBX), (Nasdaq:MFECX), (Nasdaq:MFERX), (Nasdaq:MEGRX), (Nasdaq:EAGRX), (Nasdaq:EBEGX), (Nasdaq:ECEGX), (Nasdaq:MFEGX), (Nasdaq:MFEIX) MFS Growth Opportunities Fund (Nasdaq:MGOFX), (Nasdaq:MGOBX MFS Large Cap Growth Fund (Nasdaq:MCGAX), (Nasdaq:MCGBX) MFS Managed Sectors Fund (Nasdaq:MMNSX), (Nasdaq:MSEBX), (Nasdaq:MMNCX) MFS Mid Cap Growth Fund (Nasdaq: OTCAX), (Nasdaq:OTCBX), (Nasdaq:OTCCX), (Nasdaq:MMCRX), (Nasdaq: MCPRX), (Nasdaq:EAMCX), (Nasdaq:EBCGX), (Nasdaq:ECGRX), (Nasdaq:OTCIX) MFS New Discovery Fund (Nasdaq:MNDAX), (Nasdaq:MNDBX), (Nasdaq:MNDCX), (Nasdaq:MFNRX), (Nasdaq:MNDRX), (Nasdaq:EANDX), (Nasdaq:EBNDX), (Nasdaq:ECNDX), (Nasdaq:MNDIX) MFS New Endeavor Fund (Nasdaq:MECAX), (Nasdaq:MECBX), (Nasdaq:MECCX), (Nasdaq: MNERX), (Nasdaq:MENRX), (Nasdaq:MECIX) MFS Research Fund (Nasdaq: MFRFX), (Nasdaq:MFRBX), (Nasdaq:MFRCX), (Nasdaq:MFRRX), (Nasdaq: MSRRX), (Nasdaq:EARFX), (Nasdaq:EBRFX), (Nasdaq:ECRFX) MFS Strategic Growth Fund (Nasdaq:MFSGX), (Nasdaq:MSBGX), (Nasdaq: MFGCX), (Nasdaq:MSGRX), (Nasdaq:MSTRX), (Nasdaq:EASGX), (Nasdaq: EBSGX), (Nasdaq:ECSGX), (Nasdaq:MSGIX) MFS Technology Fund (Nasdaq: MTCAX), (Nasdaq:MTCBX), (Nasdaq:MTCCX), (Nasdaq:MTQRX), (Nasdaq: MTERX), (Nasdaq:MTCIX) Massachusetts Investors Growth Stock (Nasdaq: MIGFX), (Nasdaq:MIGBX), (Nasdaq:MIGDX), (Nasdaq:MIGRX), (Nasdaq: MIRGX), (Nasdaq:EISTX), (Nasdaq:EMIVX), (Nasdaq:EMICX), (Nasdaq: MGTIX) MFS Mid Cap Value Fund (Nasdaq:MVCAX), (Nasdaq:MCBVX), (Nasdaq:MVCCX), (Nasdaq:MMVRX), (Nasdaq:MCVRX), (Nasdaq:EACVX), (Nasdaq:EBCVX), (Nasdaq:ECCVX), (Nasdaq:MCVIX) MFS Research Growth and Income Fund (Nasdaq:MRGAX), (Nasdaq:MRGBX), (Nasdaq:MRGCX), (Nasdaq:MGIRX), (Nasdaq:MRERX), (Nasdaq:MRGRX) MFS Strategic Value Fund (Nasdaq:MSVTX), (Nasdaq:MSVCX), (Nasdaq:MQSVX), (Nasdaq: MSVRX), (Nasdaq:MVSRX), (Nasdaq:EASVX), (Nasdaq:EBSVX), (Nasdaq: ECSVX), (Nasdaq:MSVLX), (Nasdaq:MISVX) MFS Total Return Fund (Nasdaq:MSFRX), (Nasdaq:MTRBX), (Nasdaq:MTRCX), (Nasdaq:MFTRX), (Nasdaq:MTRRX), (Nasdaq:EATRX), (Nasdaq:EBTRX), (Nasdaq:ECTRX), (Nasdaq:MTRIX) MFS Union Standard Equity Fund (Nasdaq:MUEAX), (Nasdaq:MUSBX), (Nasdaq:MUECX), (Nasdaq:MUSEX) MFS Utilities Fund (Nasdaq:MMUFX), (Nasdaq:MMUBX), (Nasdaq:MMUCX), (Nasdaq:MMURX), (Nasdaq:MURRX), (Nasdaq:MMUIX) MFS Value Fund (Nasdaq:MEIAX), (Nasdaq:MFEBX), (Nasdaq:MEICX), (Nasdaq:MFVRX), (Nasdaq:MVRRX), (Nasdaq:EAVLX), (Nasdaq:EBVLX), (Nasdaq:ECVLX), (Nasdaq:MEIIX) Massachusetts Investors Trust (Nasdaq:MITTX), (Nasdaq:MITBX), (Nasdaq:MITCX), (Nasdaq:MITRX), (Nasdaq:MIRTX), (Nasdaq:EAMTX), (Nasdaq:EBMTX), (Nasdaq:ECITX), (Nasdaq:MITIX) MFS Aggressive Growth Allocation Fund (Nasdaq:MAAGX), (Nasdaq:MBAGX), (Nasdaq: MCAGX), (Nasdaq:MAARX), (Nasdaq:MAWAX), (Nasdaq:EAGTX), (Nasdaq: EBAAX), (Nasdaq:ECAAX), (Nasdaq:MIAGX) MFS Conservative Allocation Fund (Nasdaq:MACFX), (Nasdaq:MACBX), (Nasdaq:MACVX), (Nasdaq: MACRX), (Nasdaq:MCARX), (Nasdaq:ECLAX), (Nasdaq:EBCAX), (Nasdaq: ECACX), (Nasdaq:MACIX) MFS Growth Allocation Fund (Nasdaq:MAGWX), (Nasdaq:MBGWX), (Nasdaq:MCGWX), (Nasdaq:MGARX), (Nasdaq:MGALX), (Nasdaq:EAGWX), (Nasdaq:EBGWX), (Nasdaq:ECGWX), (Nasdaq:MGWIX) MFS Moderate Allocation Fund (Nasdaq:MAMAX), (Nasdaq:MMABX), (Nasdaq:MMACX), (Nasdaq:MAMRX), (Nasdaq:MARRX), (Nasdaq:MAMDX), (Nasdaq:EBMDX), (Nasdaq:ECMAX), (Nasdaq:MMAIX) MFS Bond Fund (Nasdaq:MFBFX), (Nasdaq:MFBBX), (Nasdaq:MFBCX), (Nasdaq:MFBRX), (Nasdaq:MBRRX), (Nasdaq:EABDX), (Nasdaq:EBBDX), (Nasdaq:ECBDX, (Nasdaq:MBDIX) MFS Emerging Markets Debt Fund (Nasdaq:MEDAX), (Nasdaq:MEDBX), (Nasdaq:MEDCX), (Nasdaq:MEDIX) MFS Government Limited Maturity Fund (Nasdaq:MGLFX), (Nasdaq:MGLBX), (Nasdaq: MGLCX) MFS Government Mortgage Fund (Nasdaq:MGMTX), (Nasdaq:MGTBX), (Nasdaq:MGMIX) MFS Government Securities Fund (Nasdaq:MFGSX), (Nasdaq:MFGBX), (Nasdaq:MFGDX), (Nasdaq:MGSRX), (Nasdaq:MGVSX), (Nasdaq:EAGSX), (Nasdaq:EBGSX), (Nasdaq:ECGSX) MFS High Income Fund (Nasdaq:MHITX), (Nasdaq:MHIBX), (Nasdaq:MHICX), (Nasdaq: EAHIX), (Nasdaq:EMHBX), (Nasdaq:EMHCX), (Nasdaq:MHIIX), (Nasdaq: MHIRX) MFS High Yield Opportunities Fund (Nasdaq:MHOAX), (Nasdaq: MHOBX), (Nasdaq:MHOCX), (Nasdaq:MHOIX) MFS Intermediate Investment Grade Bond Fund (Nasdaq:MGBFX), (Nasdaq:MGBVX), (Nasdaq:MGBCX), (Nasdaq:MGBEX), (Nasdaq:MIBRX) MFS Limited Maturity Fund (Nasdaq: MQLFX), (Nasdaq:MQLBX), (Nasdaq:MQLCX), (Nasdaq:EALMX), (Nasdaq: EBLMX), (Nasdaq:ELDCX), (Nasdaq:MLDRX) MFS Research Bond Fund (Nasdaq:MRBFX), (Nasdaq:MRBBX), (Nasdaq:MRBCX), (Nasdaq:EARBX), (Nasdaq:EBRBX), (Nasdaq:ECRBX), (Nasdaq:MRBIX), (Nasdaq:MRBRX) MFS Strategic Income Fund (Nasdaq:MFIOX), (Nasdaq:MIOBX), (Nasdaq: MIOCX), (Nasdaq:MFIIX) MFS Alabama Municipal Bond Fund (Nasdaq: MFALX), (Nasdaq:MBABX) MFS Arkansas Municipal Bond Fund (Nasdaq: MFARX), (Nasdaq:MBARX) MFS California Municipal Bond Fund (Nasdaq: MCFTX), (Nasdaq:MBCAX), (Nasdaq:MCCAX) MFS Florida Municipal Bond Fund (Nasdaq:MFFLX), (Nasdaq:MBFLX) MFS Georgia Municipal Bond Fund (Nasdaq:MMGAX), (Nasdaq:MBGAX) MFS Maryland Municipal Bond Fund (Nasdaq:MFSMX), (Nasdaq:MBMDX) MFS Massachusetts Municipal Bond Fund (Nasdaq:MFSSX), (Nasdaq:MBMAX) MFS Mississippi Municipal Bond Fund (Nasdaq:MISSX), (Nasdaq:MBMSX) MFS Municipal Bond Fund (Nasdaq:MMBFX), (Nasdaq:MMBBX) MFS Municipal Limited Maturity Fund (Nasdaq:MTLFX), (Nasdaq:MTLBX), (Nasdaq:MTLCX) MFS New York Municipal Bond Fund (Nasdaq:MSNYX), (Nasdaq:MBNYX), (Nasdaq:MCNYX) MFS North Carolina Municipal Bond Fund (Nasdaq:MSNCX), (Nasdaq: MBNCX), (Nasdaq:MCNCX) MFS Pennsylvania Municipal Bond Fund (Nasdaq: MFPAX), (Nasdaq:MBPAX) MFS South Carolina Municipal Bond Fund (Nasdaq:MFSCX), (Nasdaq:MBSCX) MFS Tennessee Municipal Bond Fund (Nasdaq:MSTNX), (Nasdaq:MBTNX) MFS Virginia Municipal Bond Fund (Nasdaq:MSVAX), (Nasdaq:MBVAX), (Nasdaq:MVACX) MFS West Virginia Municipal Bond Fund (Nasdaq:MFWVX), (Nasdaq:MBWVX) MFS Emerging Markets Equity Fund (Nasdaq:MEMAX), (Nasdaq:MEMCX), (Nasdaq: MEMIX), (Nasdaq:MEMBX) MFS Global Equity Fund (Nasdaq:MWEFX), (Nasdaq:MWEBX), (Nasdaq:MWECX), (Nasdaq:MWEIX), (Nasdaq:MGERX) MFS Global Growth Fund (Nasdaq:MWOFX), (Nasdaq:MWOBX), (Nasdaq: MWOCX), (Nasdaq:MWOIX), (Nasdaq:MGLRX) MFS Global Total Return Fund (Nasdaq:MFWTX), (Nasdaq:MFWBX), (Nasdaq:MFWCX), (Nasdaq:MFWIX), (Nasdaq:MGRRX) MFS International Growth Fund (Nasdaq:MGRAX), (Nasdaq:MGRBX), (Nasdaq:MGRCX), (Nasdaq:MQGIX) MFS International New Discovery Fund (Nasdaq:MIDAX), (Nasdaq:MIDBX), (Nasdaq:MIDCX), (Nasdaq:EAIDX), (Nasdaq:EBIDX), (Nasdaq:ECIDX), (Nasdaq:MWNIX), (Nasdaq:MINRX) MFS International Value Fund (Nasdaq:MGIAX), (Nasdaq:MGIBX), (Nasdaq:MGICX), (Nasdaq:MINIX) MFS Research International Fund (Nasdaq:MRSAX), (Nasdaq:MRIBX), (Nasdaq:MRICX), (Nasdaq:EARSX), (Nasdaq:EBRIX), (Nasdaq:ECRIX), (Nasdaq:MRSIX), (Nasdaq:MRIRX)
The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included MFS Funds, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws.
The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.
The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased any of the MFS Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you 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.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.