NEW YORK, Dec. 12, 2003 (PRIMEZONE) -- The law firm of Bull & Lifshitz, LLP announces that a class action lawsuit was filed on behalf of purchasers of the securities of the Putnam Funds family of funds (the "Funds"), between November 1, 1998 and September 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. A copy of the complaint filed in this action is available from the Court, or can be requested on Bull & Lifshitz's website at: http://www.nyclasslaw.com . The Funds, and the symbols for the respective Funds named below, are as follows:
- Putnam American Government Income Fund (Nasdaq:PAGVX, Nasdaq:PAMBX, Nasdaq:PAMMX) - Putnam Arizona Tax Exempt Income Fund (Nasdaq:PTAZX, Nasdaq:PAZBX) - Putnam Asset Allocation: Balanced Portfolio (Nasdaq:PABAX, Nasdaq:PABBX, Nasdaq:AABCX, Nasdaq:PABMX) - Putnam Asset Allocation: Conservative Portfolio (Nasdaq:PACAX, Nasdaq:PACBX, Nasdaq:PACCX, Nasdaq:PACMX) - Putnam Asset Allocation: Growth Portfolio (Nasdaq:PAEAX, Nasdaq:PAEBX, Nasdaq:PAECX, Nasdaq:PAGMX) - Putnam California Tax Exempt Income Fund (Nasdaq:PCTEX, Nasdaq:PCTBX, Nasdaq:PCLMX) - Putnam Capital Appreciation Fund (Nasdaq:PCAPX, Nasdaq:PCABX, Nasdaq:PCAMX) - Putnam Capital Opportunities Fund (Nasdaq:PCOAX, Nasdaq:POPBX, Nasdaq:PCOCX) - Putnam Classic Equity Fund (Nasdaq:PXGIX, Nasdaq:PGIIX, Nasdaq:PGTCX, Nasdaq:PGIMX) - Putnam Convertible Income-Growth Trust (Nasdaq:PCONX, Nasdaq:PCNBX, Nasdaq:PCNMX) - Putnam Discovery Growth Fund (Nasdaq:PVIIX, Nasdaq:PVYBX, Nasdaq:PVYCX, Nasdaq:PVYMX) - Putnam Diversified Income Trust (Nasdaq:PDINX, Nasdaq:PSIBX, Nasdaq:PDVCX, Nasdaq:PDVMX) - Putnam Equity Income Fund (Nasdaq:PEYAX, Nasdaq:PEQNX, Nasdaq:PEQCX, Nasdaq:PEIMX) - Putnam Europe Equity Fund (Nasdaq:PEUGX, Nasdaq:PEUBX, Nasdaq:PEUMX) - Putnam Florida Tax Exempt Income Fund (Nasdaq:PTFLX, Nasdaq:PFLBX) - Putnam Fund for Growth and Income (Nasdaq:PGRWX, Nasdaq:PGIBX, Nasdaq:PGRIX, Nasdaq:PGRMX) - George Putnam Fund of Boston (Nasdaq:PGEOX, Nasdaq:PGEBX, Nasdaq:PGPCX, Nasdaq:PGEMX) - Putnam Global Equity Fund (Nasdaq:PEQUX, Nasdaq:PEQBX, Nasdaq:PUGCX, Nasdaq:PEQMX) - Putnam Global Income Trust (Nasdaq:PGGIX, Nasdaq:PGLBX, Nasdaq:PGGMX) - Putnam Global Natural Resources Fund (Nasdaq:EBERX, Nasdaq:PNRBX, Nasdaq:PGLMX) - Putnam Growth Opportunities Fund (Nasdaq:POGAX, Nasdaq:POGBX, Nasdaq:POGCX, Nasdaq:PGOMX) - Putnam Health Sciences Trust (Nasdaq:PHSTX, Nasdaq:PHSBX, Nasdaq:PCHSX, Nasdaq:PHLMX) - Putnam High Yield Advantage Fund (Nasdaq:PHYIX, Nasdaq:PHYBX, Nasdaq:PHYMX) - Putnam High Yield Trust (Nasdaq:PHIGX, Nasdaq:PHBBX, Nasdaq:PCHYX, Nasdaq:PHIMX) - Putnam Income Fund (Nasdaq:PINCX, Nasdaq:PNCBX, Nasdaq:PUICX, Nasdaq:PNCMX) - Putnam Intermediate U.S. Government Income Fund (Nasdaq:PBLGX, Nasdaq:PBGBX, Nasdaq:PVICX) - Putnam International Capital Opportunities Fund (Nasdaq:PNVAX, Nasdaq:PVNBX, Nasdaq:PUVCX, Nasdaq:PIVMX) - Putnam International Equity Fund (Nasdaq:POVSX, Nasdaq:POVBX, Nasdaq:PIGCX, Nasdaq:POVMX) - Putnam International Growth and Income Fund (Nasdaq:PNGAX, Nasdaq:PGNBX, Nasdaq:PIGRX, Nasdaq:PIGMX) - Putnam International New Opportunities Fund (Nasdaq:PINOX, Nasdaq:PINWX, Nasdaq:PIOCX, Nasdaq:PINMX) - Putnam Investors Fund (Nasdaq:PINVX, Nasdaq:PNVBX, Nasdaq:PCINX, Nasdaq:PNVMX) - Putnam Massachusetts Tax Exempt Income Fund (Nasdaq:PXMAX, Nasdaq:PMABX) - Putnam Michigan Tax Exempt Income Fund (Nasdaq:PXIMX, Nasdaq:PMEBX) - Putnam Mid Cap Value Fund (Nasdaq:PMVAX, Nasdaq:PMVBX, Nasdaq:PMPCX) - Putnam Minnesota Tax Exempt Income Fund (Nasdaq:PXMNX, Nasdaq:PMTBX) - Putnam Money Market Fund (Nasdaq:PDDXX, Nasdaq:PTBXX, Nasdaq:PFCXX, Nasdaq:PTMXX) - Putnam Municipal Income Fund (Nasdaq:PTFHX, Nasdaq:PFHBX, Nasdaq:PMUMX) - Putnam New Jersey Tax Exempt Income Fund (Nasdaq:PTNJX, Nasdaq:PNJBX) - Putnam New Opportunities Fund (Nasdaq:PNOPX, Nasdaq:PNOBX, Nasdaq:PNOMX) - Putnam New Value Fund (Nasdaq:PANVX, Nasdaq:PBNVX, Nasdaq:PNVCX, Nasdaq:PMNVX) - Putnam New York Tax Exempt Income Fund (Nasdaq:PTEIX, Nasdaq:PEIBX) - Putnam New York Tax Exempt Opportunities Fund (Nasdaq:PTNHX, Nasdaq:PTNBX, Nasdaq:PNYMX) - Putnam OTC & Emerging Growth Fund (Nasdaq:POEGX, Nasdaq:POTBX, Nasdaq:POEXC, Nasdaq:POEMX) - Putnam Ohio Tax Exempt Income Fund (Nasdaq:PHOHX, Nasdaq:POXBX) - Putnam Pennsylvania Tax Exempt Income Fund (Nasdaq:PTEPX, Nasdaq:PPNBX) - Putnam Research Fund (Nasdaq:PNRAX, Nasdaq:PRFBX, Nasdaq:PRACX) - Putnam Small Cap Growth Fund (Nasdaq:PNSAX) - Putnam Small Cap Value Fund (Nasdaq:PSLAX, Nasdaq:PSLBX, Nasdaq:PSLCX, Nasdaq:PSLMX) - Putnam Tax Exempt Income Fund (Nasdaq:PTAEX, Nasdaq:PTBEX, Nasdaq:PTXMX) - Putnam Tax Exempt Money Market Fund (Nasdaq:PTXXX) - Putnam Tax Smart Equity Fund (Nasdaq:PATSX, Nasdaq:PBTSX, Nasdaq:PCSMX) - Putnam Tax-Free High Yield Fund (Nasdaq:PTHAX, Nasdaq:PTHYX, Nasdaq:PTYMX) - Putnam Tax-Free Insured Fund (Nasdaq:PPNAX, Nasdaq:PTFIX) - Putnam U.S. Government Income Trust (Nasdaq:PGSIX, Nasdaq:PGSBX, Nasdaq:PGVCX, Nasdaq:PGSMX) - Putnam Utilities Growth and Income Fund (Nasdaq:PUGIX, Nasdaq:PUTBX, Nasdaq:PUTMX) - Putnam Vista Fund (Nasdaq:PVISX, Nasdaq:PVTBX, Nasdaq:PCVFX, Nasdaq:PVIMX) - Putnam Voyager Fund (Nasdaq:PVOYX, Nasdaq:PVOBX, Nasdaq:PVFCX, Nasdaq:PVOMX)
The action is pending in the United States District Court for the Southern District of New York against defendants Marsh & McLennan Companies, Inc., Putnam Investments Trust, Putnam Investment Management LLC, Putnam Investment Funds, each of the Funds, and John Does 1-100.
The Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain investors (the John Doe defendants) 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 defendants allowed the John Doe defendants to engage in timing, 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 bought the securities of any of the Funds between November 1, 1998 and September 3, 2003 and sustained damages, you may, no later than December 22, 2003, request that the Court appoint you as lead plaintiff. 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 Bull & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.
For an information package or if you wish to discuss this action, or have any questions concerning this notice of your rights or interests with respect to this matter, please contact Bull & Lifshitz, LLP via telephone at (212) 213-6222, via fax at (212) 213-9405 or by email at: counsel@nyclasslaw.com .