NEW YORK, March 26, 2004 (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 District of Massachusetts on behalf of all purchasers of shares of the Columbia family of mutual funds (the "Columbia Funds") which are operated by FleetBoston Financial Corporation (NYSE:FBF), Columbia Management Group, Inc., Columbia Management Advisors, Inc. and Columbia Wanger Asset Management, L.P. during the period between February 13, 1999 and January 14, 2004, 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=249&pcode=10&pp=4.
The Funds, and the symbols for the respective Funds named below, are as follows:
Columbia Acorn Fund (Nasdaq: LACAX, LACBX, LIACX, ACRNX)
Columbia Acorn Select (Nasdaq: LTFAX, LTFBX, LTFCX, ACTWX)
Columbia Acorn USA (Nasdaq: LAUAX, LAUBX, LAUCX, AUSAX)
Columbia Asset Allocation Fund (Nasdaq: LAAAX, LAABX, LAACX, GBAAX, GAAAX, GAATX)
Columbia Balanced Fund (Nasdaq: CBLAX, CBLBX, CBLCX, CBLDX, CBALX)
Columbia Common Stock Fund (Nasdaq: CMSAX, CMSBX, CCSCX, CMSDX, CMSTX)
Columbia Disciplined Value Fund (Nasdaq: LEVAX, LEVBX, LEVCX, GEVBX, GALEX, GEVTX)
Columbia Dividend Income Fund (Nasdaq: LBSAX, LBSBX, LBSCX, GEQBX, GEQAX, GSFTX)
Columbia Growth & Income Fund (Nasdaq: CFGAX, CFGBX, CFGDX, LGISX)
Columbia Growth Fund (Nasdaq: CGWAX, CGWBX, CGWCX, CGWDX, CGWGX, CLMBX)
Columbia Growth Stock Fund (Nasdaq: CGSAX, CGSBX, CGSCX, SRFSX)
Columbia Large Cap Core Fund (Nasdaq: LCCAX, LCCBX, LCCCX, GGRBX, SGIEX, SMGIX)
Columbia Large Cap Growth Fund (Nasdaq: LEGAX, LEGBX, LEGCX, GBEGX, GAEGX, GEGTX)
Columbia Large Company Index Fund (Nasdaq: LLIAX, LLIBX, LLICX, ILCIX)
Columbia Liberty Fund (Nasdaq: COLFX, CCFBX, CTCCX, CTCFX)
Columbia Mid Cap Growth Fund (Nasdaq: CBSAX, CBSBX, CMCCX, CBSDX, CBSGX, CBSTX, CLSPX)
Columbia Mid Cap Value Fund (Nasdaq: COLGX, COGBX, CSVCX, LSVSX)
Columbia Real Estate Equity Fund (Nasdaq: CREAX, CREBX, CRECX, CREDX, CREEX)
Columbia Small Cap Fund (Nasdaq: LSMAX, LSMBX, LSMCX, GBSMX, SSCEX, SMCEX)
Columbia Small Cap Growth Fund (Nasdaq: CMSCX)
Columbia Small Cap Value Fund (Nasdaq: CSMIX, CSSBX, CSSCX, CSCZX)
Columbia Small Company Equity Fund (Nasdaq: LSEAX, LSEBX, LSECX, GERBX, GASEX, GSETX)
Columbia Small Company Index Fund (Nasdaq: LBIAX, LBIBX, LBICX, ISCIX)
Columbia Strategic Investor Fund (Nasdaq: CSVAX, CSVBX, CSRCX, CSVDX, CSVFX)
Columbia Tax-Managed Aggressive Growth Fund (Nasdaq: LTMAX, LTAGX, LTACX, LTAZX)
Columbia Tax-Managed Growth Fund (Nasdaq: STMAX, CTMBX, CTMCX, LMGZX)
Columbia Tax-Managed Growth Fund II (Nasdaq: LTGAX, LTIIX, LTGCX, LTGZX)
Columbia Tax-Managed Value Fund (Nasdaq: SRVAX, CTMVX, LTVCX, LTMZX)
Columbia Technology Fund (Nasdaq: CTCAX, CTCBX, CTHCX, CTCDX, CMTFX)
Columbia Thermostat Fund (Nasdaq: CTFAX, CTFBX, CTFDX, COTZX)
Columbia Utilities Fund (Nasdaq: CUTLX, CUTBX, CUTFX, LUFZX)
Columbia Young Investor Fund (Nasdaq: LYIAX, LYIBX, LYICX, SRYIX)
Columbia Acorn International Fund (Nasdaq: LAIAX, LIABX, LAICX, ACINX)
Columbia Acorn International Select Fund (Nasdaq: LAFAX, LFFBX, LFFCX, ACFFX)
Columbia Europe Fund (Nasdaq: NEUAX, LNEBX, LNECX, LNEZX)
Columbia European Thematic Equity Fund (Nasdaq: LSREX)
Columbia Global Equity Fund (Nasdaq: CGUAX, CGUBX, CGUCX)
Columbia Global Thematic Equity Fund (Nasdaq: LSRGX)
Columbia International Equity Fund (Nasdaq: LIEAX, LIEBX, LIECX, GBIEX, GAIEX, GIETX)
Columbia International Stock Fund (Nasdaq: CISAX, CISBX, CSKCX, CISDX, CMISX)
Columbia Newport Asia Pacific Fund (Nasdaq: NWAPX, LNABX, LNACX, LAPSX)
Columbia Newport Japan Opportunities Fund (Nasdaq: NJOAX, NJOBX, NJOCX, LNJZX)
Columbia Newport Greater China Fund (Nasdaq: NGCAX, NGCBX, NGCCX, LNGZX)
Columbia Newport Tiger Fund (Nasdaq: CNTAX, CNTBX, CNTDX, CNTTX, CNTZX)
Columbia Contrarian Income Fund (Nasdaq: CHINX, LCIBX, LCICX, LCIZX)
Columbia Corporate Bond Fund (Nasdaq: LBCAX, LBCBX, LBCCX, GCBTX)
Columbia Daily Income Company Fund (Nasdaq: CDIXX)
Columbia Federal Securities Fund (Nasdaq: CFSAX, CFSOX, CFSCX, LFSZX)
Columbia Fixed Income Securities Fund (Nasdaq: CFIAX, CFIBX, CISCX, CFIDX, CFISX)
Columbia Floating Rate Advantage Fund (Nasdaq: XSFRX, XSFBX, XLACX, XLAZX)
Columbia Floating Rate Fund (Nasdaq: XLFAX, XLSBX, XLFCX, XLFZX)
Columbia High Yield Fund (Nasdaq: CHGAX, CHGBX, CHDCX, CHGDX), CMHYX)
Columbia High Yield Opportunity Fund (Nasdaq: COLHX, COHBX, CHYCX, LHYZX)
Columbia Income Fund (Nasdaq: LIIAX, CIOBX, CIOCX, SRINX)
Columbia Intermediate Bond Fund (Nasdaq: LIBAX, LIBBX, LIBCX, SRBFX)
Columbia Intermediate Government Income Fund (Nasdaq: LIGAX, LIGBX, LIGCX, GGIBX, GALBX, GIBTX)
Columbia Money Market Fund (Nasdaq: CMMXX, CMBXX, CMCXX, LMZXX)
Columbia Quality Plus Bond Fund (Nasdaq: LQPAX, LQPBX, LQPCX, GBHQX, GAHQX, GHQTX)
Columbia Short Term Bond Fund (Nasdaq: CTBAX, CTBBX, CSHCX, CTBDX, CTBGX, CTBTX, CUGGX)
Columbia Strategic Income Fund (Nasdaq: COSIX, CLSBX, CLSCX, LSIZX)
Columbia US Treasury Index Fund (Nasdaq: LUTAX, LUTBX, LUTCX, IUTIX)
Columbia California Tax-Exempt Fund (Nasdaq: CLMPX, CCABX, CCAOX)
Columbia Connecticut Intermediate Municipal Bond (Nasdaq: LCTAX, LCTBX, LCTCX, GCBBX, GCBAX, SCTEX)
Columbia Connecticut Tax-Exempt Fund (Nasdaq: COCTX, CCTBX, CCTCX)
Columbia Florida Intermediate Municipal Bond Fund (Nasdaq: LFIAX, LFIBX, LFICX, SFTEX)
Columbia High Yield Municipal Fund (Nasdaq: LHIAX, CHMBX, CHMCX, SRHMX)
Columbia Intermediate Tax-Exempt Bond Fund (Nasdaq: LITAX, LITBX, LITCX, GIMBX, GIMAX, SETMX)
Columbia Managed Municipals Fund (Nasdaq: LMMAX, LMMBX, LMMCX, SRMMX)
Columbia Massachusetts Intermediate Municipal Bond Fund (Nasdaq: LMIAX, LMIBX, LMICX, GMBBX, GMBAX, SEMAX)
Columbia Massachusetts Tax-Exempt Fund (Nasdaq: COMAX, CMABX, COMCX)
Columbia Municipal Money Market Fund (Nasdaq: CXMXX, CMNXX, CMXXX, CMZXX)
Columbia National Municipal Bond Fund (Nasdaq: CNLAX, CNLBX, CNBCX, CNLDX, CLNMX)
Columbia New Jersey Intermediate Municipal Bond Fund (Nasdaq: LNIAX, LNIBX, LNICX, GNJBX, GNJAX, GNJTX)
Columbia New York Intermediate Municipal Bond Fund (Nasdaq: LNYAX, LNYBX, LNYCX, GBNYX, GANYX, GNYTX)
Columbia New York Tax-Exempt Fund (Nasdaq: COLNX, CNYBX, CNYCX)
Columbia Oregon Municipal Bond Fund (Nasdaq: COEAX, COEBX, CORCX, COEDX, CMBFX)
Columbia Pennsylvania Intermediate Municipal Bond Fund (Nasdaq: LPIAX, LPIBX, LPICX, GTPAX)
Columbia Rhode Island Intermediate Municipal Bond Fund (Nasdaq: LRIAX, LRIBX, LRICX, GRBBX, GRBAX, GRITX)
Columbia Tax-Exempt Fund (Nasdaq: COLTX, CTEBX, COLCX)
Columbia Tax-Exempt Insured Fund (Nasdaq: CEXIX, CEIBX, CEINX)
The complaint charges FleetBoston Financial Corporation, Columbia Management Group, Inc., Columbia Management Advisors, Inc., Columbia Wanger Asset Management, L.P., the Columbia Funds, and the 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 defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Columbia Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including the Doe Defendants, to illegally engage in "timing" of the Columbia 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 Columbia Funds' prospectuses.
If you bought shares of the Columbia Funds between February 13, 1999 and January 14, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than April 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.