PHILADELPHIA, Jan. 8, 2004 (PRIMEZONE) -- The law firm of Berger & Montague, P.C. announces that a class action lawsuit was filed in the District of Massachusetts on January 5, 2004, on behalf of purchasers of the securities of the MFS family of funds (the " MFS Funds") operated by Massachusetts Financial Services Company (d/b/a "MFS Investment Management") ("MFS Investment Management"), a subsidiary of Sun Life Financial Inc. ("Sun Life"), between December 15, 1998 and December 8, 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 action, numbered 04-cv-10009(RGS), is pending in the United States District Court for the District of Massachusetts against defendants Sun Life, MFS Investment Management, each of the MFS mutual funds and their registrants, 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. A copy of the complaint can be viewed on Berger & Montague's website at www.bergermontague.com
The MFS Funds, and the symbols for the respective MFS Funds named below, are as follows:
MFS Capital Opportunities Fund (Sym: MCOFX, MCOBX, MCOCX, MFCRX, MCOTX, EACOX, EBCOX, ECCOX, MCOIX) MFS Core Growth Fund (Sym: MFCAX, MFCBX, MFCCX, MCFRX, MCRRX, MFCIX) MFS Emerging Growth Fund (Sym: MEGRX, MEGBX, MFECX, MFERX, MEGRX, EAGRX, EBEGX, ECEGX, MFEGX, MFEIX) MFS Growth Opportunities Fund (Sym: MGOFX, MGOBX MFS Large Cap Growth Fund (Sym: MCGAX, MCGBX) MFS Managed Sectors Fund (Sym: MMNSX, MSEBX, MMNCX) MFS Mid Cap Growth Fund (Sym: OTCAX, OTCBX, OTCCX, MMCRX, MCPRX, EAMCX, EBCGX, ECGRX, OTCIX) MFS New Discovery Fund (Sym: MNDAX, MNDBX, MNDCX, MFNRX, MNDRX, EANDX, EBNDX, ECNDX, MNDIX) MFS New Endeavor Fund (Sym: MECAX, MECBX, MECCX, MNERX, MENRX, MECIX) MFS Research Fund (Sym: MFRFX, MFRBX, MFRCX, MFRRX, MSRRX, EARFX, EBRFX, ECRFX) MFS Strategic Growth Fund (Sym: MFSGX, MSBGX, MFGCX, MSGRX, MSTRX, EASGX, EBSGX, ECSGX, MSGIX) MFS Technology Fund (Sym: MTCAX, MTCBX, MTCCX, MTQRX, MTERX, MTCIX) Massachusetts Investors Growth Stock (Sym: MIGFX, MIGBX, MIGDX, MIGRX, MIRGX, EISTX, EMIVX, EMICX, MGTIX) MFS Mid Cap Value Fund (Sym: MVCAX, MCBVX, MVCCX, MMVRX, MCVRX, EACVX, EBCVX, ECCVX, MCVIX) MFS Research Growth and Income Fund (Sym: MRGAX, MRGBX, MRGCX, MGIRX, RERX, MRGRX) MFS Strategic Value Fund (Sym: MSVTX, MSVCX, MQSVX, MSVRX, MVSRX, EASVX, EBSVX, ECSVX, MSVLX, MISVX) MFS Total Return Fund (Sym: MSFRX, MTRBX, MTRCX, MFTRX, MTRRX, EATRX, EBTRX, ECTRX, MTRIX) MFS Union Standard Equity Fund (Sym: MUEAX, MUSBX, MUECX, MUSEX) MFS Utilities Fund (Sym: MMUFX, MMUBX, MMUCX, MMURX, MURRX, MMUIX) MFS Value Fund (Sym: MEIAX, MFEBX, MEICX, MFVRX, MVRRX, EAVLX, EBVLX, ECVLX, MEIIX) Massachusetts Investors Trust (Sym: MITTX, MITBX, MITCX, MITRX, MIRTX, EAMTX, EBMTX, ECITX, MITIX) MFS Aggressive Growth Allocation Fund (Sym: MAAGX, MBAGX, MCAGX, MAARX, MAWAX, EAGTX, EBAAX, ECAAX, MIAGX) MFS Conservative Allocation Fund (Sym: MACFX, MACBX, MACVX, MACRX, MCARX, ECLAX, EBCAX, ECACX, MACIX) MFS Growth Allocation Fund (Sym: MAGWX, MBGWX, MCGWX, MGARX, MGALX, EAGWX, EBGWX, ECGWX, MGWIX) MFS Moderate Allocation Fund (Sym: MAMAX, MMABX, MMACX, MAMRX, MARRX, MAMDX, EBMDX, ECMAX, MMAIX) MFS Bond Fund (Sym: MFBFX, MFBBX, MFBCX, MFBRX, MBRRX, EABDX, EBBDX, ECBDX, MBDIX) MFS Emerging Markets Debt Fund (Sym: MEDAX, MEDBX, MEDCX, MEDIX) MFS Government Limited Maturity Fund (Sym: MGLFX, MGLBX, MGLCX) MFS Government Mortgage Fund (Sym: MGMTX, MGTBX, MGMIX) MFS Government Securities Fund (Sym: MFGSX, MFGBX, MFGDX, MGSRX, MGVSX, EAGSX, EBGSX, ECGSX) MFS High Income Fund (Sym: MHITX, MHIBX, MHICX, EAHIX, EMHBX, EMHCX, MHIIX, MHIRX) MFS High Yield Opportunities Fund (Sym: MHOAX, MHOBX, MHOCX, MHOIX) MFS Intermediate Investment Grade Bond Fund (Sym: MGBFX, MGBVX, MGBCX, MGBEX, MIBRX) MFS Limited Maturity Fund (Sym: MQLFX, MQLBX, MQLCX, EALMX, EBLMX, ELDCX, MLDRX) MFS Research Bond Fund (Sym: MRBFX, MRBBX, MRBCX, EARBX, EBRBX, ECRBX, MRBIX, MRBRX) MFS Strategic Income Fund (Sym: MFIOX, MIOBX, MIOCX, MFIIX) MFS Alabama Municipal Bond Fund (Sym: MFALX, MBABX) MFS Arkansas Municipal Bond Fund (Sym: MFARX, MBARX) MFS California Municipal Bond Fund (Sym: MCFTX, MBCAX, MCCAX) MFS Florida Municipal Bond Fund (Sym: MFFLX, MBFLX) MFS Georgia Municipal Bond Fund (Sym: MMGAX, MBGAX) MFS Maryland Municipal Bond Fund (Sym: MFSMX, MBMDX) MFS Massachusetts Municipal Bond Fund (Sym: MFSSX, MBMAX) MFS Mississippi Municipal Bond Fund (Sym: MISSX, MBMSX) MFS Municipal Bond Fund (Sym: MMBFX, MMBBX) MFS Municipal Limited Maturity Fund (Sym: MTLFX, MTLBX, MTLCX) MFS New York Municipal Bond Fund (Sym: MSNYX, MBNYX, MCNYX) MFS North Carolina Municipal Bond Fund (Sym: MSNCX, MBNCX, MCNCX) MFS Pennsylvania Municipal Bond Fund (Sym: MFPAX, MBPAX) MFS South Carolina Municipal Bond Fund (Sym: MFSCX, MBSCX) MFS Tennessee Municipal Bond Fund (Sym: MSTNX, MBTNX) MFS Virginia Municipal Bond Fund (Sym: MSVAX, MBVAX, MVACX) MFS West Virginia Municipal Bond Fund (Sym: MFWVX, MBWVX) MFS Emerging Markets Equity Fund (Sym: MEMAX, MEMCX, MEMIX, MEMBX) MFS Global Equity Fund (Sym: MWEFX, MWEBX, MWECX, MWEIX, MGERX) MFS Global Growth Fund (Sym: MWOFX, MWOBX, MWOCX, MWOIX, MGLRX) MFS Global Total Return Fund (Sym: MFWTX, MFWBX, MFWCX, MFWIX, MGRRX) MFS International Growth Fund (Sym: MGRAX, MGRBX, MGRCX, MQGIX) MFS International New Discovery Fund (Sym: MIDAX, MIDBX, MIDCX, EAIDX, EBIDX, ECIDX, MWNIX, MINRX) MFS International Value Fund (Sym: MGIAX, MGIBX, MGICX, MINIX) MFS Research International Fund (Sym: MRSAX, MRIBX, MRICX, EARSX, EBRIX, ECRIX, MRSIX, MRIRX)
The Complaint charges that, throughout the Class Period, certain of the defendants failed to disclose that they improperly allowed certain favored investors to engage in "timing" of the MFS Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by the MFS Funds. In return for receiving extra fees from privileged investors, Sun Life and MFS Investment Management, and its affiliates, allowed and facilitated timing in the MFS Funds, to the detriment of class members, who paid, dollar for dollar, for improper profits made by these investors. These practices were undisclosed in the prospectuses of the MFS Funds, which falsely represented that the MFS Funds actively police against timing. If you bought the securities of any of the MFS Funds between December 15, 1998 and December 8, 2003 and sustained damages, you may, no later than February 9, 2004, 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. For more information about Berger & Montague, P.C. and class action cases, please visit our website: www.bergermontague.com
The law firm of Berger & Montague, P.C. has over 50 attorneys, all of whom represent plaintiffs in complex litigation. The Berger firm has extensive experience representing plaintiffs in class action securities litigation and has played lead roles in major cases over the past 25 years which have resulted in recoveries of several billion dollars to investors. The firm is currently representing investors as lead counsel in actions against Rite Aid, Sotheby's, Waste Management, Inc., Sunbeam, Boston Chicken and IKON Office Solutions, Inc. The standing of Berger & Montague, P.C. in successfully conducting major securities and antitrust litigation has been recognized by numerous courts. Most recently, Judge Stewart Dalzell stated:
" . . . the skill and efficiency of the attorney involved . . .
(was) extraordinarily deft and efficient in handling this most
complex matter."
" . . . they were at least eighteen months ahead of the United
States Department of Justice in ferreting out the conduct that
ultimately resulted in the write-down of over $1.6 billion in
previously reported Rite Aid earnings. Their attention to detail was
such that when Rite Aid's financial concern lead to its willingness
to consider renegotiating the non-cash portion of the Rite Aid 1
settlement, counsel aided by investment advisors . . . ultimately
monetized the entire settlement and gained the class interest of
$14,435,104 when interest rates were the lowest they have been in
over forty years. In short, it would be hard to equal the skill
class counsel demonstrated here." In Re: Rite Aid Securities
Litigation, Master File No. 99-1349 (EDPA) (Settled in 2003 for $334
million, the second largest settlement against an auditing firm).
If you purchased or otherwise acquired any of the Funds described above, between December 15, 1998 and December 7, 2003 and sustained damages, you may, no later than February 9, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.bergermontague.com or contact:
Sherrie R. Savett, Esquire
Robert A. Kauffman, Esquire
Glen L. Abramson, Esquire
Diane R. Werwinski, Investor Relations Manager
Berger & Montague, P.C.
1622 Locust Street
Philadelphia, PA 19103
Phone: 888-891-2289 or 215-875-3000
Fax: 215-875-5715
Website: http://www.bergermontague.com
e-mail: InvestorProtect@bm.net