CINCINNATI, June 25, 2010 (GLOBE NEWSWIRE) -- Attorney Advertising -- The class action law firm of Statman, Harris & Eyrich, LLC announced today that it is investigating Alpine Total Dynamic Dividend Fund ("AOD") (NYSE:AOD) and Alpine Global Dynamic Dividend Fund ("AGD") (NYSE:AGD) (collectively, the "Funds") for potential violations of state and federal law. AOD and AGD are closed-end mutual funds which up until recently have traded at a premium of 30% or more to their net asset values (NAV).
The firm's investigation was triggered on June 24, 2010, when the Board of Trustees for the Funds declared the monthly dividend distributions for AOD for the months of July, August, and September 2010 would be $0.055 per share, a decrease of more than 50% from its previous distribution rate of $0.12 per share. The monthly dividend distributions for AGD for the same months were similarly lowered nearly 50% from $0.11 per share to $0.06 per share. The firm is investigating allegations that AOD and AGD paid yields known to be unsustainable and damaging to shareholders despite stated growth and income objectives, resulting in reduced distribution rates.
AOD and AGD shareholders may have a claim against the Funds and are encouraged to contact attorney Melinda Nenning at (513) 658-8867 or mnenning@statmanharris.com for further information without any obligation or cost to you.
Statman, Harris & Eyrich, LLC has offices in Chicago, Illinois; Cincinnati, Ohio; and Dayton, Ohio. www.statmanharris.com