PHILADELPHIA, Oct. 10, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that it filed a securities class action lawsuit in the United States District Court for the District of Colorado on behalf of purchasers, redeemers and holders of shares of the Janus Mercury Fund (Nasdaq:JAMRX), Janus Fund (Nasdaq:JANSX), Janus Enterprise Fund (Nasdaq:JAENX), Janus Olympus Fund (Nasdaq:JAOLX), Janus Global Technology Fund (Nasdaq:JAGTX), Janus Orion Fund (Nasdaq:JORNX), Janus Twenty Fund (Nasdaq:JAVLX), Janus Growth and Income Fund (Nasdaq:JAGIX), Janus Special Equity Fund (Nasdaq:JSVAX), Janus Worldwide Fund (Nasdaq:JAWWX), Janus Strategic Value Fund (Nasdaq:PFVAX), and other funds managed by wholly owned subsidiaries of Janus Capital Group Inc. (NYSE:JNS) (collectively, the "Janus Funds") between October 1, 1998 and July 3, 2003 (the "Class Period").
In addition to the funds listed above, the following funds are also subject to the above class action lawsuit:
Janus High-Yield Fund (Nasdaq:JAHYX) Janus Venture Fund (Nasdaq:JAVTX) Janus Global Life Sciences Fund (Nasdaq:JAGLX) Janus Global Value Fund (Nasdaq:JGVAX) Janus Overseas Fund (Nasdaq:JAOSX) Janus Balanced Fund (Nasdaq:JABAX) Janus Core Equity Fund (Nasdaq:JAEIX) Janus Risk-Managed Stock Fund (Nasdaq:JRMSX) Janus Mid Cap Value Fund (Nasdaq:JMCVX) (Nasdaq:JMIVX) Janus Small CapValue Fund (Nasdaq:JSCVX) (Nasdaq:JSIVX) Janus Federal Tax-Exempt Fund (Nasdaq:JATEX) Janus Flexible Income Fund (Nasdaq:JAFIX) Janus Short-Term Bond Fund (Nasdaq:JASBX) Janus Money Market Fund (Nasdaq:JAMXX) Janus Government Money Market Fund (Nasdaq:JAGXX) Janus Tax-Exempt Money Market Fund (Nasdaq:JATXX)
The Complaint charges the Janus Mutual Funds, Janus Capital Group and certain of its subsidiaries with violating the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and for common law breach of fiduciary duties in return for substantial fees and other income for themselves and their affiliates. The Complaint alleges that, during the Class Period, the Janus Mutual Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Janus Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including Defendant Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary") to engage in "timing" of the Janus Mutual Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the Janus Mutual Funds' prospectuses.
If you purchased Janus Funds during the Class Period, you may, no later than November 4, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Janus Funds during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.