MILWAUKEE, Wis., Dec. 11, 2001 (PRIMEZONE) -- Ademi & O'Reilly, LLP, Attorneys at Law, announced today an investigation into Van Wagoner's possible failure to value the holdings of its Emerging Growth Fund (Nasdaq:VWEGX) in accordance with fair pricing regulations required under the Investment Company Act of 1940.
Despite the widespread decline of the technology section during the calendar year 2000, Van Wagoner Funds, Inc. did not adjust the Net Asset Values (NAVs) of its Emerging Growth fund to discount the value of 23 investments made by Van Wagoner through private placements. However, since the end of calendar year, Van Wagoner has marked down the value of these holdings by 25-100 percent, causing the fund to lose more than 60 percent of its NAV over the past year. As a consequence, Van Wagoner, for much of 2000 and 2001, overstated its NAVs and investment returns, causing investors purchasing shares of the Emerging Growth fund to pay artificially inflated prices for shares.
If you invested in Van Wagoner Funds Emerging Growth between June 2000 and June 2001, you may have been damaged by Van Wagoner's pricing practices. For more information on our investigation, or if you have information to provide us, please contact Ademi & O'Reilly LLP toll free at (866) 264-3995; (414) 671-1000; fax number (414) 671-1001 or by email at roreilly@ticon.net.
Ademi & O'Reilly LLP are experienced securities litigators in the field of mutual fund litigation. The firm currently represents investors in the Heartland Municipal Bond Fund litigation pending in Milwaukee, Wisconsin, as well as representing investors in other securities actions.
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca