NEW YORK, Dec. 4, 2003 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Eastern District of Pennsylvania behalf of all purchasers of shares of the PBHG Family of funds ("the PBHG Mutual Funds") which are managed by Pilgrim Baxter & Associates, Ltd. during the period between November 13, 1998 and November 13, 2003, inclusive (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.cauleygeller.com/show_case.asp?ccode=193&pcode=10&pp=4.
The Funds, and the symbols for the respective Funds named below, are as follows:
PBHG Growth Fund (Nasdaq:PBHGX) PBHG Emerging Growth Fund (Nasdaq:PBEGX) PBHG Large Cap Growth Fund (Nasdaq:PBHLX) PBHG Select Growth Fund (Nasdaq:PBHEX)(formally known as PBHG Select Equity Fund (Nasdaq:PBHEX)) PBHG Focused Fund (Nasdaq:PBFVX) (formally known as PBHG Focused Value Fund (Nasdaq:PBFVX)) PBHG Large Cap Fund (Nasdaq:PLCVX) (formally known as PBHG Large Value Fund (Nasdaq:PLCVX)) PBHG Large Cap 20 Fund (Nasdaq:PLCPX) PBHG Strategic Small Company Fund (Nasdaq:PSSCX) PBHG Disciplined Equity Fund (Nasdaq:PBDEX) PBHG Mid-Cap Fund (PBMCX) (formally known as PBHG Mid-Cap Value Fund (Nasdaq: PBMCX)) PBHG Small Cap Fund (Nasdaq:PBSVX) (formally known as PBHG Small Cap Value Fund (Nasdaq: 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 Reserves Fund (Nasdaq:PBCXX)
The complaint charges Pilgrim Baxter & Associates, Ltd., Harold J. Baxter, Gary L. Pilgrim, PBHG Funds, PBHG Fund Distributors, PBHG Mutual Funds, and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), among other claims, and for common law breach of fiduciary duties. The Complaint 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, including defendant Pilgrim's private investment limited partnership, 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 bought shares of the PBHG Mutual Funds between November 13, 1998 and November 13, 2003, inclusive and you wish to serve as lead plaintiff, you must move the Court no later than January 13, 2004. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
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.cauleygeller.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.