NEW YORK, Sept. 8, 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 Pioneer 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 Pioneer Funds named below, are as follows:
PIODX Pioneer A PUSGX Pioneer America Income Trust A PBUSX Pioneer America Income Trust B PCUSX Pioneer America Income Trust C PCURX Pioneer America Income Trust Fund Class R PUSIX Pioneer America Income Trust Inv PAPRX Pioneer AmPac Growth A PRABX Pioneer AmPac Growth B PRRCX Pioneer AmPac Growth C PRFRX Pioneer AmPac Growth R PBODX Pioneer B MOMIX Pioneer Balanced A PBMIX Pioneer Balanced B PCMPX Pioneer Balanced C MOIIX Pioneer Balanced Inv PIOBX Pioneer Bond A PBOBX Pioneer Bond B PCYBX Pioneer Bond C BFIOX Pioneer Bond Inv PBFRX Pioneer Bond R PICYX Pioneer Bond Y PCODX Pioneer C CATAX Pioneer CA Tax Free Income A CATBX Pioneer CA Tax Free Income B CATCX Pioneer CA Tax Free Income C CATIX Pioneer CA Tax Free Income Inv PIMIX PIONEER CASH RESERVE FD INVESTO CVFCX Pioneer Cullen Value A CVFBX Pioneer Cullen Value B CVCFX Pioneer Cullen Value C CVFYX Pioneer Cullen Value Y PEMFX Pioneer Emerging Markets A PBEFX Pioneer Emerging Markets B PCEFX Pioneer Emerging Markets C PEMRX Pioneer Emerging Markets Fund Class R PYEFX Pioneer Emerging Markets Y PEOFX Pioneer Equity Opportunity A PEOBX Pioneer Equity Opportunity B PEOCX Pioneer Equity Opportunity C PEQIX Pioneer Equity-Income A PBEQX Pioneer Equity-Income B PCEQX Pioneer Equity-Income C PQIRX Pioneer Equity-Income R PYEQX Pioneer Equity-Income Y PBEUX Pioneer Europe Fund Class B PERAX Pioneer Europe Select Equity A PERBX Pioneer Europe Select Equity B PERCX Pioneer Europe Select Equity C PESRX Pioneer Europe Select Equity Fund Class R PEYSX Pioneer Europe Select Equity Fund Class Y XPHDX Pioneer Floating Rate Trust PGHYX Pioneer Global High Yield A PGHBX Pioneer Global High Yield B PGYCX Pioneer Global High Yield C MOMGX Pioneer Growth A PBMGX Pioneer Growth B PCMGX Pioneer Growth C MOIGX Pioneer Growth Inv LRPSX Pioneer Growth Leaders A LRPBX Pioneer Growth Leaders B LRPCX Pioneer Growth Leaders C LRPRX Pioneer Growth Leaders R PGOFX Pioneer Growth Opportunities A GOFBX Pioneer Growth Opportunities B GOFCX Pioneer Growth Opportunities C PGIFX Pioneer Growth Opportunities Inv PGRRX Pioneer Growth R PYMGX Pioneer Growth Y XPHHX PIONEER HIGH INCOME TRUST XPHTX Pioneer High Income Trust TAHYX Pioneer High Yield A TBHYX Pioneer High Yield B PYICX Pioneer High Yield C TAHIX Pioneer High Yield Inv TYHRX Pioneer High Yield R TYHYX Pioneer High Yield Y PIAAX Pioneer Ibbotson Aggressive Allocation A IALBX Pioneer Ibbotson Aggressive Allocation B IALCX Pioneer Ibbotson Aggressive Allocation C PIAVX Pioneer Ibbotson Conservative Alloc A PIBVX Pioneer Ibbotson Conservative Alloc B PICVX Pioneer Ibbotson Conservative Alloc C GRAAX Pioneer Ibbotson Growth Allocation A GRABX Pioneer Ibbotson Growth Allocation B GRACX Pioneer Ibbotson Growth Allocation C PIALX Pioneer Ibbotson Moderate Allocation A PIBLX Pioneer Ibbotson Moderate Allocation B PIDCX Pioneer Ibbotson Moderate Allocation C PINDX Pioneer Independence PIWEX Pioneer International Equity A PBWEX Pioneer International Equity B PCWEX Pioneer International Equity C IEIPX Pioneer International Equity Inv PIEYX Pioneer International Equity Y PIIFX Pioneer International Value A PBIFX Pioneer International Value B PCITX Pioneer International Value C MIVRX Pioneer International Value Fund Class R PFIOX Pioneer Inv PITHX Pioneer Mid-Cap Growth A PBMDX Pioneer Mid-Cap Growth B PCMCX Pioneer Mid-Cap Growth C PMCYX Pioneer Mid-Cap Growth Y PCGRX Pioneer Mid-Cap Value A PBCGX Pioneer Mid-Cap Value B PCCGX Pioneer Mid-Cap Value C PGCIX Pioneer Mid-Cap Value Inv PCMRX Pioneer Mid-Cap Value R PYCGX Pioneer Mid-Cap Value Y PBMFX Pioneer Municipal Bond A PBMUX Pioneer Municipal Bond B MNBCX Pioneer Municipal Bond C PBIMX Pioneer Municipal Bond Inv XPMAX Pioneer Municipal High Income Advantage Trust XMHIX Pioneer Municipal High Income Trust ORILX Pioneer Oak Ridge Large Cap Growth A ORLBX Pioneer Oak Ridge Large Cap Growth B ORLCX Pioneer Oak Ridge Large Cap Growth C ORLRX Pioneer Oak Ridge Large Cap Growth R PORYX Pioneer Oak Ridge Large Cap Growth Y ORIGX Pioneer Oak Ridge Small Cap Growth A ORIBX Pioneer Oak Ridge Small Cap Growth B ORICX Pioneer Oak Ridge Small Cap Growth C PPPAX Pioneer Protected Principal Plus A PPPBX Pioneer Protected Principal Plus B PPPCX Pioneer Protected Principal Plus C PPFAX Pioneer Protected Principal Plus II A PPFBX Pioneer Protected Principal Plus II B PPFCX Pioneer Protected Principal Plus II C PIORX Pioneer R PWREX Pioneer Real Estate A PBREX Pioneer Real Estate B PCREX Pioneer Real Estate C PYREX Pioneer Real Estate Y PATMX Pioneer Research A PBTMX Pioneer Research B PCTMX Pioneer Research C PRFYX Pioneer Research Y PSEFX Pioneer Select Equity Fund Class A PSEAX Pioneer Select Value Fund Class A STABX Pioneer Short Term Income A STBBX Pioneer Short Term Income B PSHCX Pioneer Short Term Income C PSHYX Pioneer Short Term Income Y PAPPX Pioneer Small and Mid Cap Growth A MCSBX Pioneer Small and Mid Cap Growth B CGCPX Pioneer Small and Mid Cap Growth C CGCRX Pioneer Small and Mid Cap Growth R PIMCX Pioneer Small Cap Value A PBMOX Pioneer Small Cap Value B PSVCX Pioneer Small Cap Value C CALLX Pioneer Small Cap Value Inv PSVRX Pioneer Small Cap Value R PCAYX Pioneer Small Cap Value Y PSCFX Pioneer Small Company A PBSCX Pioneer Small Company B PCSCX Pioneer Small Company C PSCRX Pioneer Small Company Fund Class R PAAFX Pioneer Strategic Growth A PIABX Pioneer Strategic Growth B PAGCX Pioneer Strategic Growth C PIPRX Pioneer Strategic Growth Fund Cl R PSRAX Pioneer Strategic Income A PSRBX Pioneer Strategic Income B PSRCX Pioneer Strategic Income C STIRX Pioneer Strategic Income R STRYX Pioneer Strategic Income Y XPBFX Pioneer Tax Advantaged Balanced Trust MOMTX Pioneer Tax Free Income A PBMTX Pioneer Tax Free Income B PCMTX Pioneer Tax Free Income C MOITX Pioneer Tax Free Income Inv PIOTX Pioneer Value A PBOTX Pioneer Value B PCOTX Pioneer Value C PIOIX Pioneer Value Inv PVFRX Pioneer Value R PVFYX Pioneer Value Y PYODX Pioneer Y
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 Pioneer 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 Pioneer 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.