Rabin, Murray & Frank LLP Commences Class Action Against Strong Financial Corporation Defendants and Canary on Behalf of Purchasers of the Securities of The Strong Funds Family of Funds
NEW YORK, Sept. 22, 2003 (PRIMEZONE) — A class action lawsuit has been filed in United States District Court for the Southern District of New York, case number 03-CV-7438, on behalf of all persons or entities who purchased or otherwise acquired Strong Funds family of funds (the “Funds”) owned and operated by Strong Financial Corporation, and its subsidiaries and affiliates, between October 1, 1998 and July 3, 2003, inclusive, (the “Class Period”). The complaint names Strong Financial Corporation, Strong Capital Management, Inc., and each of the Funds’ registrants and issuers, Edward J. Stern, Canary Capital Partners, LLC, Canary Investment Management, LLC, Canary Capital Partners, Ltd, each of the Funds, and John Does 1-100.
The Funds, and the symbols for the respective Funds named below, are as follows:
Strong Advisor Bond Fund (SVBDX, SADBX, SABCX, SIBNX, F008W1, SBDIX) Strong Advisor Municipal Bond Fund (SAMAX, SMBBX, SMUIX, F00BH8) Strong Advisor Municipal Select Fund (STAEX, F005LZ, F005M9) Strong Advisor Short Duration Bond A Fund (STSDX, SSDKX, SSHCX, STGBX) Strong Advisor Common Stock Fund (SCSAX, SCSKX, STSAX, STCSX) Strong Advisor Endeavor Large Cap Fund (STALX, F008GO) Strong Advisor Focus Fund (F005MO, F005M7, F005LT) Strong Advisor International Core Fund (F008GQ, F008GR, F008GS) Strong Advisor Large Company Core Fund (SLGAX, F00AO2, F00AO3, SLCKX) Strong Advisor Mid-Cap Growth Fund (F005LQ, F005M1, F005LO, SMDCX) Strong Advisor Small Cap Value Fund (SMVAX, SMVBX, SMVCX, SSMVX) Strong Advisor Strategic Income Fund (SASAX, F005L7, SASCX Strong Advisor Technology Fund (F005LM, F005LM) Strong Advisor U.S. Small/Mid Cap Growth Fund (F009D0, F009D1) Strong Advisor U.S. Value (F005M2, F005M5, F005MA, SEQKX, SEQIX) Strong Advisor Utilities and Energy Fund (SUEAX, F00AED, F00AEE, F009D5) Strong All Cap Value Fund (F009D5) Strong Asia Pacific Fund (SASPX ) Strong Balanced Fund (STAAX ) Strong Blue Chip Fund (SBCHX) Strong Discovery Fund (STDIX) Strong Dividend Income Fund (SDVIX, F008VY) Strong Dow 30 Value Fund (SDOWX) Strong Endeavor Fund (SENDX) Strong Energy Fund (SENGX) Strong Enterprise Fund (SENAX, F04ANX, SENTX, SEPKX) Strong Growth & Income Fund (SGNAX, SGNIX, SGRIX, SGIKX) Strong Growth 20 Fund (SGTWX, SGRTX, F00B67) Strong Growth Fund (SGROX, SGRKX, SGRAX, SGRNX) Strong Index 500 Fund (SINEX) Strong Large Cap Core Fund (SLCRX) Strong Large Cap Growth Fund (STRFX) Strong Large Company Growth Fund (SLGIX, F04ANY) Strong Mid Cap Disciplined Fund (SMCDX) Strong Multi-Cap Value Fund (SMTVX) Strong Opportunity Fund (SOPVX, SOPFX, F00AH2) Strong Overseas Fund (F00B4I, SOVRX) Strong Small Company Value Fund (F009D3) Strong Technology 100 Fund (STEKX) Strong U.S. Emerging Growth Fund (SEMRX) Strong Value Fund (STVAX) Strong Life Stages – Aggressive Portfolio Fund (SAGGX ) Strong Life Stages – Conservative Portfolio Fund (SCONX) Strong Life Stages – Moderate Portfolio Fund (SMDPX) Strong Corporate Bond Fund (SCBDX, SCBNX, STCBX) Strong Corporate Income Fund (SCORX) Strong High-Yield Bond Fund (SHBAX, SHYYX, STHYX) Strong Government Securities Fund (SGVDX, F00B66, SGVIX, STVSX) Strong High-Yield Municipal Bond Fund (SHYLX) Strong Intermediate Municipal Bond Fund (SIMBX) Strong Municipal Bond Fund (SXFIX) Strong Minnesota Tax-Free Fund (F00B64, F00B65, F00B63) Strong Wisconsin Tax-Free Fund (F0068K) Strong Short-Term High-Yield Municipal Bond Fund (SSHMX) Strong Short-Term Municipal Bond Fund (F00B62, STSMX) Strong Short-Term High-Yield Bond Fund (SSTHX, STHBX ) Strong Short-Term Income Fund (F00B1K) Strong Short-Term Bond Fund (SSTVX, SSHIX, SSTBX) Strong Ultra Short-Term Income Fund (SADAX, SADIX, STADX) Strong Ultra Short-Term Municipal Income Fund (SMAVX, SMAIX, SMUAX) Strong Florida Municipal Money Market Fund (SLFXX) Strong Heritage Money Fund (SHMXX) Strong Money Market Fund (SMNXX) Strong Municipal Money Market Fund (SXFXX) Strong Tax-Free Money Fund (STMXX)
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, Strong Financial Corporation 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca
CONTACT: Rabin, Murray & Frank LLP Eric J. Belfi Gregory Linkh (800) 497-8076 (212) 682-1818 Fax: (212) 682-1892 email@rabinlaw.com
Copyright © 2003 PrimeZone Media Network, Inc.
