NEW YORK, April 2, 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 New Jersey on behalf of all purchasers of shares of the PIMCO Family of Mutual Funds (the "PIMCO Funds") which are managed by Allianz Dresdner Asset Management of America L.P., PIMCO Advisors Distributors LLC, Pacific Investment Management Company LLC, and PEA Capital LLC during the period between February 23, 1999 and February 17, 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=250&pcode=10&pp=4.
The Funds, and the symbols for the respective Funds named below, are as follows:
PIMCO StocksPLUS Fund (Nasdaq: PSPAX, PSPBX, PSPCX, PSPDX, PSTKX, PPLAX, PSPRX) PIMCO StocksPLUS Total Return Fund (Nasdaq: PTOAX, PTOBX, PSOCX, PSTDX, PSPTX) PIMCO Short-Term Fund (Nasdaq: PSHAX, PTSBX, PFTCX, PSHDX, PTSHX, PSFAX, PTSRX) PIMCO Low Duration Fund (Nasdaq: PTLAX, PTLBX, PTLCX, PLDDX, PTLDX, PLDAX, PLDRX) PIMCO Short Duration Municipal Income Fund (Nasdaq: PSDAX, PSDCX, PSDDX, PSDIX, PSDMX) PIMCO Money Market Fund (Nasdaq: PYAXX, PYCXX, PKCXX, PMIXX, PMAXX) PIMCO Total Return Fund (Nasdaq: PTTAX, PTTBX, PTTCX, PTTDX, PTTRX, PTRAX, PTRRX) PIMCO Long-Term U.S. Government Fund (Nasdaq: PFGAX, PFGBX, PFGCX, PGOVX, PLGBX) PIMCO GNMA Fund (Nasdaq: PAGNX, PBGNX, PCGNX, PGNDX, PDMIX) PIMCO Total Return Mortgage Fund (Nasdaq: PMRAX, PMRBX, PMRCX, PTMDX, PTRIX) PIMCO Diversified Income Fund (Nasdaq: PDVAX, PDVBX, PDICX, PDVDX, PDIIX) PIMCO High Yield Fund (Nasdaq: PHDAX, PHDBX, PHDCX, PHYDX, PHIYX, PHYAX, PHYRX) PIMCO Global Bond II Fund (Nasdaq: PAIIX, PBIIX, PCIIX, PGBIX) PIMCO Foreign Bond Fund (Nasdaq: PFOAX, PFOBX, PFOCX, PFODX, PFORX, PFRAX, PFRRX) PIMCO Emerging Markets Bond Fund (Nasdaq: PAEMX, PBEMX, PEBCX, PEMDX, PEBIX, PEBAX) PIMCO Municipal Bond Fund (Nasdaq: PMLAX, PMLBX, PMLCX, PMBDX, PFMIX, PMNAX) PIMCO California Intermediate Municipal Bond Fund (Nasdaq: PCMBX - News, PCIDX - News, PCIMX) PIMCO California Municipal Bond Fund (Nasdaq: PCAAX, PCMDX, PICMX) PIMCO New York Municipal Bond Fund (Nasdaq: PNYAX,PNYDX) PIMCO Real Return Fund (Nasdaq: PRTNX, PRRBX, PRTCX, PRRDX, PRRIX, PARRX, PRRRX) PIMCO Commodity Real Return Strategy Fund (Nasdaq: PCRAX, PCRBX, PCRCX, PCRDX, PCRIX) PIMCO All Asset Fund (Nasdaq: PASAX, PASBX, PASCX, PASDX, PAAIX, PAALX) PIMCO International StocksPLUS TR Strategy Fund (Nasdaq: PIPAX, PIPBX, PIPCX, PIPDX) PIMCO Real Estate Real Return Strategy Fund (Nasdaq: PETAX, PETBX, PETCX, PETDX) PIMCO PEA Value Fund (Nasdaq: PDLAX, PDLBX, PDLCX, PVLDX, PDLIX, PVLAX, PPVRX) PIMCO PEA Growth and Income Fund (Nasdaq: PGRAX, PGRBX, PGNCX, PGIDX, PMEIX, PGOIX, PGIRX) PIMCO PEA Renaissance Fund (Nasdaq: PQNAX, PQNBX, PQNCX, PREDX, PRNIX, PRAAX, PRNRX) PIMCO PEA Growth Fund (Nasdaq: PGWAX, PGFBX, PGWCX, PGRDX, PGFIX, PGFAX, PPGRX) PIMCO PEA Target Fund (Nasdaq: PTAAX, PTABX, PTACX, PTRDX, PFTIX, PTADX) PIMCO PEA Opportunity Fund (Nasdaq: POPAX, POOBX, POPCX, POFIX, POADX) PIMCO PEA Innovation Fund (Nasdaq: PIVAX, PIVBX, PIVCX, PIVZX, PIFIX, PIADX) PIMCO NFJ Large-cap Value Fund (Nasdaq: PNBAX, PNBBX, PNBCX, PNBDX) PIMCO NFJ Dividend Value Fund (Nasdaq: PNEAX, PNEBX, PNECX, PEIDX, NFJEX, PNERX) PIMCO NFJ Small-Cap Value Fund (Nasdaq: PCVAX, PCVBX, PCVCX, PNVDX, PSVIX, PVADX, PNVRX) PIMCO CCM Capital Appreciation Fund (Nasdaq: PCFAX, PFCBX, PFCCX, PCADX, PAPIX, PICAX, PCARX) PIMCO CCM Mid-Cap Fund (Nasdaq: PFMAX, PFMBX, PFMCX, PMCDX, PMGIX, PMCGX, PMCRX) PIMCO RCM Large-Cap Growth Fund (Nasdaq: RALGX, RBLGX, RCLGX, DLCNX, DRLCX, DLGAX, PLCRX) PIMCO RCM Tax-Managed Growth Fund (Nasdaq: PMWAX, PMWBX, PMWCX, DRTNX, DRTIX) PIMCO RCM Mid-Cap Fund (Nasdaq: RMDAX, RMDBX, RMDCX, DMCNX, DRMCX, PRMRX) PIMCO RCM Global Small-Cap Fund (Nasdaq: RGSAX, RGSBX, RGSCX, DGSNX, DGSCX) PIMCO RCM International Growth Equity Fund (Nasdaq: RAIGX, RBIGX, RCIGX), DIENX, DRIEX) PIMCO RCM Global Healthcare Fund (Nasdaq: RAGHX, RBGHX, RCGHX, DGHCX) PIMCO RCM Biotechnology Fund (Nasdaq: RABTX, RBBTX, RCBTX, DRBNX) PIMCO RCM Global Technology Fund (Nasdaq: RAGTX, RBGTX, RCGTX, DGTNX, DRGTX) PIMCO Asset Allocation Fund (Nasdaq: PALAX, PALBX, PALCX) PIMCO NACM Value Fund (Nasdaq: PVUAX, PVUBX, PVUCX, PVUDX) PIMCO NACM Flex-Cap Fund (Nasdaq: PNFAX, PNFBX, PNFCX, PNFDX) PIMCO NACM Growth Fund (Nasdaq: NGWAX, NGWBX, NGWCX, NGWDX) PIMCO NACM International Fund (Nasdaq: PILAX, PILBX, PILCX, PILDX, PILRX) PIMCO NACM Pacific Rim Fund (Nasdaq: PPRAX, PPRBX, PPRCX, PPRDX, NAPRX)
The complaint charges Allianz Dresdner Asset Management of America L.P., PIMCO Advisors Distributors LLC, Pacific Investment Management Company LLC PEA Capital LLC, Pacific Company LLC, Edward J. Stern, Canary Capital Partners, LLC, Canary Investment Management, LLC, Canary Capital Partners, Ltd. (collectively "Canary"), 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 PIMCO Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including Canary and the Doe Defendants, to illegally engage in "timing" of the PIMCO 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 PIMCO Funds' prospectuses.
If you bought shares of the PIMCO Funds between February 23, 1999 and February 17, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than April 20, 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