BALA CYNWYD, Pa., Sept. 15, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of all purchasers, redeemers and holders of shares of the Janus High Yield Fund (Nasdaq:JAHYX), the Janus Mercury Fund (Nasdaq:JAMRX) and other funds managed by Janus Capital Group (NYSE:JNS) or its subsidiaries (collectively "Janus Mutual Funds") between April 1, 2002 and July 3, 2003 (the "Class Period"). The class action lawsuit was filed in the United States District Court for the District of New Jersey.
The Complaint alleges that Janus Mutual Funds and certain of its subsidiaries violated the Investment Company Act of 1940, as well as common law breach of fiduciary duties, in return for substantial fees and other income by engaging in illegal and improper trading practices which caused financial injury to shareholders. Specifically, the Complaint charges that the Defendants permitted favored investors to conduct short-term "in and out" trading, despite clear restrictions on such activity.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you bought, redeemed or hold shares of Janus Mutual Funds between April 1, 2002 and July 3, 2003 you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca