Rabin, Murray & Frank LLP Commences Class Action Against Janus Capital Group Inc. and Canary on Behalf of Purchasers of The Securities of The Janus Family of The Funds
NEW YORK, Sept. 19, 2003 (PRIMEZONE) — A class action lawsuit has been filed in United States District Court for the District of Colorado, case number 03-CV-6914, on behalf of all persons or entities who purchased or otherwise acquired Janus Funds family of funds (the “Funds”) owned and operated by Janus Capital Group, Inc. and its subsidiaries and affiliates, during the period between October 1, 1998 and July 3, 2003, both dates inclusive, (the “Class Period”). The Complaint names Janus Capital Group Inc.; Janus Capital Corporation; Janus Capital Management, LLC; Janus Investment Fund; Edward J. Stern; Canary Capital Partners, LLC; Canary Investment Management, LLC; Canary Capital Partners, Ltd.; each of the Funds; and John Does 1-100 as defendants.
The Funds, and the symbols for the respective Funds named below, are as follows:
Janus Fund (JANSX) Janus Enterprise Fund (JAENX) Janus Mercury Fund (JAMRX) Janus Olympus Fund (JAOLX) Janus Global Technology Fund (JAGTX) Janus Orion Fund (JORNX) Janus Twenty Fund (JAVLX) Janus Venture Fund (JAVTX) Janus Global Life Sciences Fund (JAGLX) Janus Global Value Fund (JGVAX) Janus Overseas Fund (JAOSX) Janus Worldwide Fund (JAWWX) Janus Balanced Fund (JABAX) Janus Core Equity Fund (JAEIX) Janus Growth and Income Fund (JAGIX) Janus Special Equity Fund (JSVAX) Janus Risk-Managed Stock Fund (JRMSX) Janus Mid Cap Value Fund (JMCVX, JMIVX) Janus Small CapValue Fund (JSCVX, JSIVX) Janus Federal Tax-Exempt Fund (JATEX) Janus Flexible Income Fund (JAFIX) Janus High-Yield Fund (JAHYX) Janus Short-Term Bond Fund (JASBX) Janus Money Market Fund (JAMXX) Janus Government Money Market Fund (JAGXX) Janus Tax-Exempt Money Market Fund (JATXX)
To discuss this action, this announcement, or your rights or interests, please contact plaintiff’s counsel, Eric J. Belfi or Gregory Linkh at Rabin, Murray & Frank LLP, 275 Madison Avenue, New York, New York 10016, by telephone at (800) 497-8076 or (212) 682-1818, by facsimile at (212) 682-1892, or by e-mail at email@rabinlaw.com.
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. The Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary, to engage in the “timing” of their transactions in the Funds’ securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors — who are not allowed to engage in such practices — and is acknowledged as an improper practice by the Funds. In return for receiving extra fees from Canary and other favored investors, Janus Capital Group Inc. and its subsidiaries allowed and facilitated Canary’s timing activities, to the detriment of class members, who paid, dollar for dollar, for Canary’s improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing.
Plaintiff is represented by the law firm of Rabin, Murray & Frank LLP. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired any of the Funds described above, between October 1, 1998 and July 3, 2003 and sustained damages, you may, no later than November 4, 2003, 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.rabinlaw.com. Contact plaintiff’s counsel Eric J. Belfi or Gregory Linkh of Rabin Murray & Frank LLP to further discuss this action, this announcement, or your rights or interests.
CONTACT: Rabin, Murray & Frank LLP Eric J. Belfi Gregory Linkh (800) 497-8076 (212) 682-1818 Fax: (212) 682-1892 email@rabinlaw.com
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