NEW YORK, Sept. 13, 2002 (PRIMEZONE) -- A class action Complaint has been filed in the United States District Court for the Southern District of New York, civil action number 02-CV-7362, on behalf of all persons or entities who purchased or otherwise acquired securities in any/or every class of Morgan Stanley Technology Fund (formerly known as the Morgan Stanley Dean Witter Technology Fund) (the "Fund") (Nasdaq:TEKAX) (Nasdaq:TEKBX) (Nasdaq:TEKCX) (Nasdaq:TEKDX) from the public offering of the Fund on September 25, 2000 through July 31, 2002, inclusive (the "Class Period").
To discuss this action, this announcement, or your rights or interests, please contact plaintiff's counsel, Eric J. Belfi or Sharon Lee, Rabin & Peckel LLP, 275 Madison Avenue, New York, NY 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 action is brought against the Fund, Morgan Stanley Dean Witter & Co. ("MSDW"), and several of MSDW's subsidiaries for issuing materially false and misleading statements in violation of federal securities laws during the Class Period. Specifically, the complaint alleges that defendants misrepresented the conflict of interest arising from defendants purchasing for the Fund's portfolio the securities of certain companies with which MSDW had investment banking relationship, and/or which were covered by MSDW research analysts. The complaint also alleges that defendants failed to disclose that MSDW research analysts issued inflated ratings and biased analyst reports about these companies, thereby artificially inflating the price of the companies' securities as well as the price of the Fund's securities. MSDW received lucrative investment banking business from the companies whose securities were in the Fund's portfolio, and MSDW research analysts were compensated millions of dollars for their biased coverage of those companies.
Plaintiff is represented by the law firm of Rabin & Peckel LLP. Rabin & Peckel 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. You can learn more information about Rabin & Peckel LLP at www.rabinlaw.com.
If you purchased or otherwise acquired Morgan Stanley Technology Fund securities during the Class Period described above, you may, no later than October 21, 2002, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this action as a lead plaintiff online at www.rabinlaw.com. Contact plaintiffs' counsel Eric J. Belfi or Sharon Lee of Rabin & Peckel 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.