NEW YORK, Sept. 15, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer announces that it has filed a class action lawsuit on behalf of all persons who purchased AllianceBernsteinFunds 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 AllianceBernstein Funds named below, are as follows:
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 (Sym: CABNX, CABBX, CBACX) AllianceBernstein Disciplined Value Fund (Sym: ADGAX, ADGBX, ADGCX) AllianceBernstein Global Value Fund (Sym: ABAGX, ABBGX, ABCGX) AllianceBernstein International Value Fund (Sym: ABIAX, ABIBX, ABICX) AllianceBernstein Real Estate Investment Fund (Sym: AREAX, AREBX, ARECX) AllianceBernstein Small Cap Value Fund (Sym: ABASX, ABBSX, ABCSX) AllianceBernstein Utility Income Fund (Sym: AUIAX, AUIBX, AUICX) AllianceBernstein Value Fund (Sym: ABVAX, ABVBX, AVBCX)
Blended Style Series
AllianceBernstein Blended Style Series - U.S. Large Cap Portfolio (Sym:ABBAX, ABBAX, ABBCX)
Global & International Stock Funds
AllianceBernstein All-Asia Investment Fund (Sym: AALAX, AAABX, AAACX) AllianceBernstein Global Value Fund (Sym: ABAGX, ABBGX, ABCGX) AllianceBernstein Greater China '97 Fund (Sym: GCHAX, GCHBX, GCHCX) AllianceBernstein International Premier Growth Fund (Sym: AIPAX, AIPBX, AIPCX)
AllianceBernstein International Value Fund (Sym: ABIAX, ABIBX, ABICX) AllianceBernstein Global Small Cap Fund (Sym: GSCAX, AGCBX, GSCCX) AllianceBernstein New Europe Fund (Sym: ANEAX, ANEBX, ANECX) AllianceBernstein Worldwide Privatization Fund (Sym: AWPAX, AWPBX, AWPCX)
Select Investor Series
AllianceBernstein Select Investor Series Biotechnology Portfolio (Sym: ASBAX, AIBBX, ASBCX)
AllianceBernstein Select Investor Series Premier Portfolio (Sym: ASPAX, ASPBX, ASPCX) AllianceBernstein Select Investor Series Technology Portfolio (Sym: AITAX, AITBX, AITCX)
Taxable Bond Funds
AllianceBernstein Americas Government Income Trust (Sym: ANAGX, ANABX, ANACX)
AllianceBernstein Bond Fund Corporate Bond Portfolio (Sym: CBFAX, CBFBX, CBFCX)
AllianceBernstein Bond Fund Quality Bond Portfolio (Sym: ABQUX, ABQBX, ABQCX)
AllianceBernstein Bond Fund U.S. Government Portfolio (Sym: ABUSX, ABUBX ABUCX)
AllianceBernstein Emerging Market Debt Fund (Sym: AGDAX, AGDBX, AGDCX)
AllianceBernstein Global Strategic Income Trust (Sym: AGSAX, AGSBX, AGCCX)
AllianceBernstein High Yield Fund (Sym: AHYAX, AHHBX, AHHCX)
AllianceBernstein Multi-Market Strategy Trust (Sym: AMMSX, AMMBX, AMMCX)
AllianceBernstein Short Duration (Sym: ADPAX, ADPBX, ADPCX)
Tax-Exempt Bond Funds
AllianceBernstein Intermediate California Muni Portfolio (Sym: AICBX, ACLBX, ACMCX)
AllianceBernstein Intermediate Diversified Muni Portfolio (Sym: AIDAX, AIDBX, AIMCX)
AllianceBernstein Intermediate New York Muni Portfolio: (Sym: ANIAX, ANYBX, ANMCX)
AllianceBernstein Muni Income Fund National Portfolio (Sym: ALTHX, ALTBX, ALNCX)
AllianceBernstein Muni Income Fund Arizona Portfolio (Sym: AAZAX, AAZBX, AAZCX)
AllianceBernstein Muni Income Fund California Portfolio (Sym: ALCAX, ALCBX, ACACX)
AllianceBernstein Muni Income Fund Insured California Portfolio (Sym: BUICX, BUIBX, BUCCX)
AllianceBernstein Muni Income Fund Insured National Portfolio (Sym: CABTX, CBBBX, CACCX)
AllianceBernstein Muni Income Fund Florida Portfolio (Sym: AFLAX, AFLBX, AFLCX)
AllianceBernstein Muni Income Fund Massachusetts Portfolio (Sym: AMAAX, AMABX)
AllianceBernstein Muni Income Fund Michigan Portfolio (Sym: AMIAX, AMIBX, AMICX)
AllianceBernstein Muni Income Fund Minnesota Portfolio (Sym: AMNAX, AMNBX, AMNCX)
AllianceBernstein Muni Income Fund New Jersey Portfolio (Sym: ANJAX, ANJBX, ANJCX)
AllianceBernstein Muni Income Fund New York Portfolio (Sym: ALNYX, ALNBX, ANYCX)
AllianceBernstein Muni Income Fund Ohio Portfolio (Sym: AOHAX, AOHBX, AOHCX)
AllianceBernstein Muni Income Fund Pennsylvania Portfolio (Sym: APAAX, APABX, APACX)
AllianceBernstein Muni Income Fund Virginia Portfolio (Sym: AVAAX, AVABX, AVACX)
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 include AllianceBernstein 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 AllianceBernstein 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