MILWAUKEE, Sept. 8, 2003 (PRIMEZONE) -- Ademi & O'Reilly, LLP, Attorneys at Law, announced today an investigation into possible federal securities violations by Nations Funds, Strong Mutual Funds, One Group Funds (managed by Bank One), and Janus Funds.
As alleged by the New York Attorney General's Office, each of the funds in question permitted at least one hedge fund to engage in late day trading designed to time the market, and to take advantage of the methodology for fixing prices in open-ended mutual funds. Instead of acting to stop the market timing activities of hedge funds, as each fund represented it would in its prospectus to investors, the funds permitted the market timing and even waived redemption fees. In exchange, the hedge fund promised to deposit large assets into other funds, thereby increasing the asset commissions received by each fund manager. The net result to investors was to dilute the value of the holdings, and ultimately, reduce the long term holder's return on their investments.
The Nations Funds at issue include Nations Convertible (Nasdaq:NCIAX), Nations International Equity (Nasdaq:NIENX), Nations Emerging Markets (Nasdaq:NVICX) and Nations Small Cap (Nasdaq:NSVAX). The One Group Funds at issue include International Equity Fund Index, the Diversified International Fund, and the Small Cap Growth Fund. The Janus Funds include the Mercury Fund (Nasdaq:JAMRX),and the High Yield Fund. The Strong Funds include the Strong Growth 20 Fund, the Strong Growth Fund, the Advisor Mid-Cap Fund, Strong Large Cap Growth Fund, and the Strong Dividend Income Fund.
If you invested between 2000 and 2003, you may have been damaged by these trading 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) 482-8000; fax number (414) 482-8001 or by email at inquiry@ademilaw.com.
Ademi & O'Reilly LLP is Wisconsin's leading class action law firm and is experienced in the field of mutual fund litigation. Ademi & O'Reilly filed the lead complaints against the Heartland Funds and the Van Wagoner Funds for violations of the federal securities laws. A partial settlement in the Heartland case yielded $14 million, and litigation in both cases is pending.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca