NEW YORK, Sept. 26, 2003 (PRIMEZONE) -- A class action lawsuit has been filed in United States District Court for the Central District of California, case number 03-CV-6957, on behalf of all persons or entities who purchased or otherwise acquired Nations Strategic Growth Fund (Nasdaq:NSGAX) (Nasdaq:NSIBX) (Nasdaq:NSGCX) (Nasdaq:NSEPX), Nations Asset Allocation Fund (Nasdaq:PHAAX) (Nasdaq:NBASX) (Nasdaq:NAACX) (Nasdaq:NSEPX), and the Nations Funds family of funds (the "Funds") owned and operated by Bank of America Corp. (NYSE:BAC), and its subsidiaries and affiliates, between October 1, 1998 and July 3, 2003, inclusive, (the "Class Period").
The complaint names Bank of America Corp., Banc of America Capital Management, LLC., Bank of America Advisors, LLC, Nations Funds Inc., Robert H. Gordon, Theodore H. Sihpol III., Charles D. Bryceland, 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:
Nations Capital Growth Fund (Nasdaq:NCGIX) (Nasdaq:NCGNX) (Nasdaq:NCAGX) (Nasdaq:NCGRX) Nations Marisco 21st Century Fund (Nasdaq:NMTAX) (Nasdaq:NMTBX) (Nasdaq:NMYCX) (Nasdaq:NMYAX) Nations Marsico Focused Equities Fund (Nasdaq:NFEAX) (Nasdaq:NFEBX) (Nasdaq:NFECX) (Nasdaq:NFEPX) Nations Marsico Growth Fund (Nasdaq:NMGIX) (Nasdaq:NGIBX) (Nasdaq:NMICX) (Nasdaq:NGIPX) Nations MidCap Growth Fund (Nasdaq:NEGAX) (Nasdaq:NEGNX) (Nasdaq:NEMGX) (Nasdaq:NEGRX) Nations Small Company Fund (Nasdaq:NSCGX) (Nasdaq:NCPBX) (Nasdaq:NCPCX) (Nasdaq:PSCPX) Nations Strategic Growth Fund (Nasdaq:NSGAX) (Nasdaq:NSIBX) (Nasdaq:NSGCX) (Nasdaq:NSEPX) Nations Asset Allocation Fund (Nasdaq:PHAAX) (Nasdaq:NBASX) (Nasdaq:NAACX) (Nasdaq:NPRAX) Nations MidCap Value Fund (Nasdaq:NAMAX) Nations SmallCap Value Fund (Nasdaq:NSVAX) Nations Value Fund (Nasdaq:NVLEX) (Nasdaq:NVLNX) (Nasdaq:NVALX) (Nasdaq:NVLUX) Nations Global Value Fund (Sym:NVVAX, NGLBX, NCGLX, NVPAX) Nations International Equity Fund (Sym:NIIAX, NIENX, NITRX, NIEQX) Nations International Value Fund (Sym:NIVLX, NBIVX, NVICX, EMIEX) Nations Marsico International Opportunities Fund (Sym:MAIOX, MBIOX, MCIOX, NMOAX) Nations LargeCap Enhanced Core Fund (Sym:NMIAX, NMIMX) Nations LargeCap Index Fund (Sym:NEIAX, NINDX) Nations MidCap Index Fund (Sym:NTIAX, NMPAX) Nations SmallCap Index Fund (Sym:NMSAX, NMSCX) Nations LifeGoal(r) Balanced Growth Portfolio (Sym:NBIAX, NLBBX, NBICX, NBGPX) Nations LifeGoal(r) Growth Portfolio (Sym:NLGIX, NLGBX, NLGCX, NGPAX) Nations LifeGoal(r) Income and Growth Portfolio (Sym:NLGAX, NLIBX, NIICX, NIPAX) Nations Bond Fund (Sym:NSFAX, NSFNX, NSFCX, NSFIX) Nations Government Securities Fund (Sym:NGVAX, NGVTX, NGVSX, NGOVX) Nations High Yield Bond Fund (Sym:NAHAX, NHYBX, NYICX, NYPAX) Nations Intermediate Bond Fund (Sym:PHBAX, NTBBX, NTBCX, NATAX) Nations Short-Intermediate Government Fund (Sym:NSIGX, NSINX, NSIFX, NSIMX) Nations Short-Term Income Fund (Sym:NSTRX, NSTIX, NSTMX) Nations Strategic Income Fund (Sym:NDIAX, NDVIX, NDVSX, NDIVX) Nations Convertible Securities Fund (Sym:PACIX, NCVBX, PHIKX, NCIAX) Nations CA Intermediate Municipal Bond Fund (Sym:NACMX, NCMAX) Nations CA Municipal Bond Fund (Sym:PHCTX, NCMBX, NCBCX, NCPAX) Nations FL Intermediate Municipal Bond Fund (Sym:NFIMX, NFITX, NFINX, NFLBX) Nations FL Municipal Bond Fund (Sym:NFDAX, NFMNX, NFMBX, NFLMX) Nations GA Intermediate Municipal Bond Fund (Sym:NGMIX, NGITX, NGINX, NGAMX) Nations Intermediate Municipal Bond Fund (Sym:NITMX, NIMMX, NIMNX, NINMX) Nations Kansas Municipal Income Fund (Sym:NKIAX, NKIBX, NKICX, NKSAX) Nations MD Intermediate Municipal Bond Fund (Sym:NMDMX, NMITX, NMINX, NMDBX) Nations Municipal Income Fund, (Sym:NMUIX, NMNNX, NMNIX, NNUNX) Nations NC Intermediate Municipal Bond Fund (Sym:NNCIX, NNITX, NNINX, NNIBX) Nations SC Intermediate Municipal Bond Fund (Sym:NSCIX, NISCX, NSICX, NSCMX) Nations Short-Term Municipal Income Fund (Sym:NSMMX, NSMUX, NSMIX) Nations TN Intermediate Municipal Bond Fund (Sym:NTIMX, NTNNX, NTINX, NTNIX) Nations TX Intermediate Municipal Bond Fund (Sym:NTITX, NTXTX, NTXCX, NTXIX) Nations VA Intermediate Municipal Bond Fund (Sym:NVAFX, NVANX, NVRCX, NVABX) Nations CA Tax-Exempt Reserves (Sym:NATXX) Nations Cash Reserves (Sym:NPRXX, NIBXX, NRSXX) Nations Government Reserves (Sym:NGAXX, NGOXX) Nations Money Market Reserves (Sym:NRBXX, NRTXX) Nations Municipal Reserves (Sym:NMSXX) Nations Tax-Exempt Reserves (Sym:NTEXX, NTXXX) Nations Treasury Reserves (Sym:NTSXX, NTTXX).
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, Bank of America 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