PHILADELPHIA, Dec. 2, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit has been filed against Pilgrim Baxter & Associates ("Pilgrim Baxter") on behalf of all purchasers, redeemers and holders of shares of PBHG Growth Fund (NASDAQ: PBHGX), PBHG Emerging Growth Fund (NASDAQ: PBEGX), PBHG Large Cap Growth Fund (NASDAQ: PBHLX), PBHG Select Growth Fund (formally known as PBHG Select Equity Fund) (NASDAQ: PBHEX), PBHG Focused Fund (formally known as PBHG Focused Value Fund) (NASDAQ: PBFVX), PBHG Large Cap Fund (formally known as PBHG Large Cap Value Fund) (NASDAQ: PLCVX), PBHG Large Cap 20 Fund (NASDAQ: PLCPX), and others in the PBHG Mutual Funds, which are managed by Pilgrim Baxter from November 13, 1998 through November 13, 2003.
The following PBHG Mutual Funds are subject to this class action:
PBHG Strategic Small Company Fund (NASDAQ: PSSCX) PBHG Disciplined Equity Fund (NASDAQ: PBDEX) PBHG Mid-Cap Fund (formally known as PBHG Mid-Cap Value Fund) (NASDAQ:PBMCX) PBHG Small Cap Fund (formally known as PBHG Small Cap Value Fund) (NASDAQ: PBSVX) PBHG Clipper Focus Fund (NASDAQ: PBFOX) PBHG Small Cap Value Fund (formally known as TS&W Small Cap Value Fund, LLC) (NASDAQ: PSMVX) PBHG REIT Fund (NASDAQ: PBRTX) PBHG Technology & Communications Fund (NASDAQ: PBTCX) PBHG IRA Capital Preservation Fund (NASDAQ: PBCPX) PBHG Intermediate Fixed Income Fund (NASDAQ: PBFIX) PBHG Cash Reserve Fund (NASDAQ: PBCXX)
The complaint charges defendants with violations of the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, as well as common law fiduciary duties. It alleges that during the Class Period the PBHG Mutual Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the PBHG Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the PBHG Mutual Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the PBHG Mutual Funds' prospectuses.
If you are a shareholder who purchased shares of mutual funds managed by Pilgrim Baxter between November 13, 1998 and November 13, 2003, you may move the Court no later than January 13, 2004, to serve as a lead plaintiff of the class. In order to serve as a lead plaintiff, you must meet certain legal requirements. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. 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 Spector, Roseman & Kodroff, P.C. or other counsel of your choice to serve as your counsel in this action.
If you have sustained substantial losses in Pilgrim Baxter 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.