NEW YORK, October 9, 2003 (PRIMEZONE) -- A class action lawsuit has been filed in United States District Court for the Southern District of Ohio, case number 03-CV-916, on behalf of all persons or entities who purchased or otherwise acquired One Group Balanced (Nasdaq:OAMAX) (Nasdaq:OAMBX) (Nasdaq:OGAFX), One Group Diversified Equity (Nasdaq:OVBGX) (Nasdaq:ODECX) (Nasdaq:OGVFX), One Group Diversified International (Nasdaq:ONIBX) (Nasdaq:OGDCX) (Nasdaq:WOIEX), One Group Diversified Mid Cap (Nasdaq:ODMBX) (Nasdaq:ODMCX) (Nasdaq:WOOPX), and the One Group family of funds (the "Funds") owned and operated by Banc One. (NYSE:ONE), and its subsidiaries and affiliates, between October 1, 1998 and July 3, 2003, inclusive, (the "Class Period"). The complaint names Bank One Corp.; Banc One Investment Advisers; One Group (r) Mutual Funds; 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: One Group Balanced (Nasdaq:OGASX)(Nasdaq:OAMAX) (Nasdaq:OAMBX)(Nasdaq:OGAFX) One Group Diversified Equity (Nasdaq:PAVGX) (Nasdaq:OVBGX)(Nasdaq:ODECX) (Nasdaq:OGVFX) One Group Diversified International (Nasdaq:PGIEX) (Nasdaq:ONIBX) (Nasdaq:OGDCX)(Nasdaq:WOIEX) One Group Diversified Mid Cap (Nasdaq:PECAX)(Nasdaq:ODMBX) (Nasdaq:ODMCX) (Nasdaq:WOOPX) One Group Equity Income (Nasdaq:OIEIX)(Nasdaq:OGIBX) (Nasdaq:OINCX)(Nasdaq:HLIEX) One Group Equity Index (Nasdaq:OGEAX)(Nasdaq:OGEIX) (Nasdaq:OEICX)(Nasdaq:HLEIX) One Group Health Sciences (Nasdaq:OHSAX)(Nasdaq:OHSBX) (Nasdaq:OHSCX)(Nasdaq:OHSIX) One Group International Equity Index (Nasdaq:OEIAX) (Nasdaq:GEBX) (Nasdaq:OIICX)(Nasdaq:OIEAX) One Group Investor Balanced (Nasdaq:OGIAX)(Nasdaq:OGBBX) (Nasdaq:OGBCX)(Nasdaq:OIBFX) One Group Investor Conservative Growth (Nasdaq:OICAX) (Nasdaq:OICGX)(Nasdaq:OCGCX)(Nasdaq:ONCFX) One Group Investor Growth & Income (Nasdaq:ONGIX) (Nasdaq:ONEBX) (Nasdaq:ONECX)(Nasdaq:ONGFX) One Group Investor Growth (Nasdaq:ONGAX)(Nasdaq:OGIGX) (Nasdaq:OGGCX)(Nasdaq ONIFX) One Group Large Cap Growth (Nasdaq:OLGAX)(Nasdaq:OGLGX) (Nasdaq:OLGCX) One Group Large Cap Value (Nasdaq:OLVAX)(Nasdaq:OLVBX) (Nasdaq:OLVCX)(Nasdaq:HLQVX) One Group Market Expansion Index (Nasdaq:OMEAX) (Nasdaq:OMEBX)(Nasdaq:OMECX)(Nasdaq:PGMIX) One Group Mid Cap Growth (Nasdaq:OSGIX)(Nasdaq:OGOBX) (Nasdaq:OMGCX)(Nasdaq:HLGEX) One Group Mid Cap Value (Nasdaq:OGDIX)(Nasdaq:OGDBX) (Nasdaq:OMVCX)(Nasdaq:HLDEX) One Group Small Cap Growth (Nasdaq:PGSGX)(Nasdaq:OGFBX) (Nasdaq:OSGCX)(Nasdaq:OGGFX) One Group Small Cap Value (Nasdaq:PSOAX)(Nasdaq:PSOBX) (Nasdaq:OSVCX)(Nasdaq:PSOPX) One Group Technology (Nasdaq:OGTAX)(Nasdaq:OGTBX) (Nasdaq: OGTCX)(Nasdaq:OGTIX) One Group Arizona Municipal Bond (Nasdaq:OAMAX) (Nasdaq:OAMBX)(Nasdaq:OGAFX) One Group Kentucky Municipal Bond (Nasdaq:OKYAX) (Nasdaq:ONKBX)(Nasdaq:TRKMX) One Group Louisiana Municipal Bond (Nasdaq:PGLAX) (Nasdaq:ONLBX) (Nasdaq:OGLFX) One Group Michigan Municipal Bond (Nasdaq:PEIAX) (Nasdaq:OMIBX)(Nasdaq:WOMBX) One Group Ohio Municipal Bond (Nasdaq:ONOHX) (Nasdaq:OOHBX)(Nasdaq:HLOMX) One Group West Virginia Municipal Bond (Nasdaq:OQWAX) (Nasdaq:OGWBX)(Nasdaq:OGWFX) One Group Short-Term Municipal Bond (Nasdaq:OSTAX) (Nasdaq:OSTBX)(Nasdaq:PGUIX) One Group Municipal Income (Nasdaq:OTBAX)(Nasdaq:OTBBX) (Nasdaq:OMICX)(Nasdaq:HLTAX) One Group Intermediate Tax-Free (Nasdaq:ONTAX) (Nasdaq:ONFBX) (Nasdaq: HLTIX) One Group Tax-Free Bond (Nasdaq:PMBAX)(Nasdaq:PUBBX) (Nasdaq:PRBIX) One Group Bond (Nasdaq:PGBOX)(Nasdaq:OBOBX) (Nasdaq:OBOCX)(Nasdaq:WOBDX) One Group Government Bond (Nasdaq:OGGAX)(Nasdaq:OGGBX) (Nasdaq:OGVCX)(Nasdaq:HLGAX) One Group High Yield Bond (Nasdaq:OHYAX)(Nasdaq:OGHBX) (Nasdaq:OGHCX)(Nasdaq:OHYFX) One Group Income Bond (Nasdaq:ONIAX)(Nasdaq:OINBX) (Nasdaq:OBDCX) (Nasdaq:HLIPX) One Group Intermediate Bond (Nasdaq:OGBAX)(Nasdaq:OBDBX) (Nasdaq:OIMCX) (Nasdaq:SEIFX) One Group Mortgage-Backed Securities (Nasdaq:OMBAX) (Nasdaq:OMBIX) One Group Short-Term Bond (Nasdaq:OGLVX)(Nasdaq:OVBXB) (Nasdaq: OSTCX)(Nasdaq:HLLVX) One Group Treasury & Agency Bond (Nasdaq:OTABX) (Nasdaq:ONTBX)(Nasdaq:F001CQ)(Nasdaq:OGTFX) One Group Ultra Short-Term Bond (Nasdaq:ONUAX) (Nasdaq:ONUBX)(Nasdaq:OGUCX)(Nasdaq:HLGFX)
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 info@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 "late trading" and "timing" of the Funds' securities. Late trades are trades received after 4:00 p.m. EST that are filled based on that day's net asset value, as opposed to being filled based on the next day's net asset value, which is the proper procedure under SEC regulations. Late trading allows favored investors to make use of market-moving information that only becomes available after 4:00 p.m. and has been compared to betting on a horse race that already has been run. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Late trading and timing injure ordinary mutual fund investors -- who are not allowed to engage in such practices -- and are acknowledged as improper practices by the Funds. In return for receiving extra fees from Canary and other favored investors, Bank One Corp. and its subsidiaries allowed and facilitated Canary's timing and late trading 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 and represented that post-4:00 p.m. EST trades will be priced based on the next day's net asset value and that premature redemptions will be assessed a charge.
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.