PHILADELPHIA, Oct. 31, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of purchasers of the securities of the Strong Funds family of funds (the "Funds") owned and operated by Strong Financial Corporation, and its subsidiaries and affiliates, between October 1, 1998 and July 3, 2003, inclusive, (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940.
The Funds are as follows:
Strong Advisor Common Stock Fund Strong Advisor Small Cap Value FundStrong Advisor U.S. Value Fund Strong Advisor Bond Fund Strong Advisor Short Duration Fund Strong Advisor Mid-Cap Growth Fund Strong Florida Municipal Money Market Fund Strong Heritage Money Fund Strong Money Market Fund Strong Municipal Money Market Fund Strong Tax-Free Money Fund Strong Ultra Short-Term Income Fund Strong Ultra Short-Term Municipal Income Fund Strong Balanced Fund Strong Growth & Income Fund Strong Index 500 Fund Strong Opportunity Fund Strong Blue Chip Fund Strong Discovery Fund Strong Endeavor Fund Strong Enterprise Fund Strong Growth Fund Strong Growth 20 Fund Strong Large Cap Growth Fund Strong Large Company Growth Fund Strong U.S. Emerging Growth Fund Strong Corporate Bond Fund Strong Corporate Income Fund Strong Government Securities Fund Strong High-Yield Bond Fund Strong Short-Term Bond Fund Strong Short-Term High Yield Bond Fund Strong Short-Term Income Fund Strong Asia Pacific Fund Strong Overseas Fund Strong Large Cap Core Fund Strong Life Stage Series - Aggressive Portfolio Fund Strong Life Stage Series, Inc. Strong Municipal Bond Fund Strong Municipal Funds Strong Opportunity Fund Strong Short-Term Municipal Bond Fund Strong Life Stage Series-Moderate Portfolio Strong Multi Cap Value Fund Strong High-Yield Municipal Bond Fund Strong Intermediate Municipal Bond Fund Strong Minnesota Tax-Free Fund Strong Short-Term High Yield Municipal Fund Strong Wisconsin Tax-Free Fund Strong Energy Fund Strong Technology 100 Fund Strong Value Fund Strong All Cap Value Fund Strong Divident Income Fund Strong Dow 30 Value Fund Strong Mid Cap Disciplined Fund Strong Small Company Value Fund Strong Strategic Value Fund
The Complaint charges the Strong Funds family of funds and certain of its subsidiaries with violating the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and for common law breach of fiduciary duties in return for substantial fees and other income for themselves and their affiliates. Specifically, the Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital Partners, LLC ("Canary") to engage in the "timing" of their transactions in the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by the Funds. In return for receiving extra fees from Canary and other favored investors, Strong Financial Corporation and its subsidiaries allowed and facilitated these timing activities, to the detriment of class members, who paid, dollar for dollar, for the favored investors' improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing.
If you purchased Strong Funds during the Class Period, you may, no later than November 4, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Strong Funds during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll free at 888 844 5862 or via E mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.