NEW YORK, Dec. 26, 2003 (PRIMEZONE) -- Wolf Popper LLP has filed a class action securities lawsuit on behalf of all purchasers and holders of PBHG Mutual Funds from November 13, 1998 through November 13, 2003.
The Complaint alleges that during the Class Period, Pilgram Baxter & Associates, Ltd., the manager of the PBHG Mutual Funds, and the two founders of Pilgram Baxter, and other affiliated entities, engaged in illegal trading practices, in concert with institutional traders, that caused financial injury to long-term shareholders of Pilgrim Baxter (PBHG) mutual funds. According to the Complaint, the defendants permitted certain favored investors, including defendant Pilgrims' private investment limited partnership, to illegally engage in "timing" of PBHG Mutual Funds to benefit from temporary inefficiencies in the daily pricing of the PBHG Mutual Funds, to the detriment of other long-term shareholders, who lost the opportunity to fully benefit from the appreciation in the securities held by the PBHG Mutual Funds.
The following PBHG Mutual Funds are subject to this class action:
- 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 Cap 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 (Nasdaq: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:PBSVX) - PBHG Clipper Focus Fund (Nasdaq:PBFOX) - PBHG Small Cap Value Fund (Nasdaq:PSMVX) 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)
If you are a member of the class described above, you may, not later than January 13, 2004, move the Court to serve as lead plaintiff of the class. Investors interested in participating in the class action should contact Wolf Popper LLP, Andrew E. Lencyk, Esq., 845 Third Avenue, New York, NY 10022, tel.: 212.759.4600 or 877.370.7703 (toll free), fax: 212.486.2093 or 877.370.7704 (toll free), email: alencyk@wolfpopper.com or irrep@wolfpopper.com, website: www.wolfpopper.com
More information on this and other class actions can be found on the Class Action Newsline at, www.primezone.com/ca