NEW YORK, NY — (MARKET WIRE) — 09\/05\/2003 — Class action lawsuits were commenced in Colorado and Wisconsin State Courts on behalf of all purchasers, redeemers and holders of mutual fund shares ofJanus High-Yield Fund (NASDAQ: JAHYX), Janus Mercury Fund (NASDAQ: JAMRX), JANUS Capital Management, LLC (NYSE: JNS), Strong Growth Fund (NASDAQ: SGROX), Strong Large-Cap Growth Fund (NASDAQ: STRFX),Strong Growth 20 Fund (NASDAQ: SGTWX), Strong Advisor Mid-Cap Growth (NASDAQ: SMDCX), and Strong Dividend Income Fund (NASDAQ: SDVIX). Copies of the complaints are available from the Court or fromBernstein Liebhard & Lifshitz, LLP. Please visit our website at www.bernlieb.com or contact us at (800) 217-1522 or by email at STRONG@bernlieb.com and JANUS@bernlieb.com.<\/p>\n
The complaints charge that defendants violated their fiduciary duties to their customers in return for substantial fees and other income for themselves and their affiliates. The complaints allege, among other things, that part of defendants’ scheme was “late trading” of mutual fund shares by select customers of the fund (including hedge funds). Specifically, the complaints allege that certain of defendants’ mutual fund investors, including Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, “Canary”), improperly arranged with defendants that orders Canary placed after 4 p.m. on a given day would illegally receive that day’s price (as opposed to the next day’s price, which the order would have received had it been processed lawfully). This allowed Canary and other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on post 4:00 p.m. information while those who bought their mutual fund shares lawfully could not.<\/p>\n
The complaints further allege that defendants’ engaged in a wrongful conduct defined as “Timing.” Timing is an investment technique involving short-term, “in and out” trading of mutual fund shares. This technique is designed to exploit inefficiencies in the way mutual fund companies price their shares. It is widely acknowledged that “Timing” inures to the detriment of long-term shareholders. Nonetheless, in return for investments that would increase fund managers’ fees, fund managers entered into undisclosed agreements to allow “Timing.”<\/p>\n
Plaintiffs seek to recover damages on behalf of all purchasers, redeemers and holders of mutual fund shares of Janus High-Yield Fund, Janus Mercury Fund, Strong Growth Fund, Strong Large-Cap Growth Fund, Strong Growth 20 Fund, Strong Advisor Mid-Cap Growth, and Strong Dividend Income Fund. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential Class member, you may contact Sandy A. Liebhard, Mel E. Lifshitz or U. Seth Ottensoser at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or (212) 779-1414 or by e-mail at Liebhard@bernlieb.com; Lifshitz@bernlieb.com or Ottensoser@bernlieb.com.<\/p>\n
As reported, New York State Attorney General Eliot Spitzer filed a complaint describing wrong doings by Janus Capital Management, LLC, Janis High-Yield Fund, Janus Mercury Fund, Strong Capital Management, Inc., Strong Growth Fund, Strong Large-Cap Growth Fund, Strong Growth 20 Fund, Strong Advisor Mid-Cap Growth, Strong Dividend Income Fund, Bank One Corp. (NYSE: ONE), Bank of America Corp. (NYSE: BAC), Nations International Equity Fund (NASDAQ: NIIAX), Nations SmallCap Value Fund (NASDAQ: NSVAX), Nations Convertible Securities Fund (NASDAQ: PACIX), and Nations SmallCap Index Fund (NASDAQ: NIMSAX).<\/p>\n
Contact: Sandy A. Liebhard<\/p>\n
Company: Bernstein Liebhard & Lifshitz, LLP<\/p>\n
Phone: 212-779-1414<\/p>\n
Email: Liebhard@bernlieb.com<\/p>\n
Toll Free: 800-217-1522<\/p>\n
Contact: Mel E. Lifshitz<\/p>\n
Company: Bernstein Liebhard & Lifshitz, LLP<\/p>\n
Phone: 212-779-1414<\/p>\n
Email: Lifshitz@bernlieb.com<\/p>\n
Toll Free: 800-217-1522<\/p>\n
Contact: U. Seth Ottensoser<\/p>\n
Company: Bernstein Liebhard & Lifshitz, LLP<\/p>\n
Phone: 212-779-1414<\/p>\n
Email: Ottensoser@bernlieb.com<\/p>\n
Toll Free: 800-217-1522<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW YORK, NY — (MARKET WIRE) — 09\/05\/2003 — Class action lawsuits were commenced in Colorado and Wisconsin State Courts on behalf of all purchasers, redeemers and holders of mutual fund shares ofJanus High-Yield Fund (NASDAQ: JAHYX), Janus Mercury Fund […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-966","post","type-post","status-publish","format-standard","hentry","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/966","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=966"}],"version-history":[{"count":0,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/966\/revisions"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=966"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=966"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=966"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}