LITTLE ROCK, Ark., Jan. 9, 2002 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Coates, LLP announced today that a class action has been filed in the United States District Court for the District of Delaware on behalf of all persons who purchased or otherwise acquired shares of Van Wagoner Emerging Growth Fund (Nasdaq:VWEGX) (the "Fund") during the period between April 20, 2000 and December 11, 2001 (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.classlawyer.com/pr/van_wagoner.pdf.
The complaint alleges violations of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Advisers Act of 1940 and the Investment Company Act of 1940. Specifically, the complaint alleges that the Fund and its investment advisor and investment managers disseminated a series of Prospectuses/Registration Statements to the Class during the Class Period which reflected a materially inflated net asset value ("NAV") (the price at which Fund shares are purchased and sold). The NAV was materially inflated because the Fund had overvalued a material portion of holdings in certain privately held companies. In addition, the Fund's performance was materially overstated since those figures were based on the materially overstated NAV of the Fund. The lawsuit also alleges that the risk disclosures contained in the Prospectuses/Registration Statements disseminated during the Class Period were not meaningful, and were themselves misleading, because they failed to disclose that the Fund was materially overstating its NAV.
If you bought the shares in the Fund during the Class Period and wish to be a lead plaintiff, you may, no later than February 16, 2002, request the Court appoint you. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to serve as lead plaintiff, however, you must meet certain legal requirements. Under certain circumstances, one or more class members may together serve as "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 may retain Cauley Geller Bowman & Coates, LLP, or other counsel of your choice, to serve as your counsel in this action.
Cauley Geller Bowman & Coates, LLP has substantial experience representing investors in securities fraud class action lawsuits, including mutual fund cases involving overstated NAV, such as this. The firm has offices in Florida, Arkansas and California, but represents shareholders from throughout the nation. 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.classlawyer.com.
CAULEY GELLER BOWMAN & COATES, LLP Investor Relations Department: Jackie Addison, Sue Null or Shelly Nicholson P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 E-mail: info@classlawyer.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.