MILWAUKEE, Oct. 13, 2003 (PRIMEZONE) -- The Wisconsin law firm of Ademi & O'Reilly, LLP filed a class action lawsuit in the United States District Court for the Eastern District of Wisconsin on September 10, 2003, on behalf of purchasers of the securities of the Strong Funds family of funds (the "Funds") owned and operated by Strong Financial Corporation, and its subsidiaries and affiliates, between October 1, 1998 and July 3, 2003, inclusive, (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940. A copy of the complaint filed in this action is available from the Court, or can be viewed on our website at: http://www.ademilaw.com/cases/Strong.pdf.
If you bought Strong Funds between October 1, 1998 and July 3, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than November 4, 2003. If you are a member of this class, you can join this class action online at http://www.ademilaw.com/Strong.php. Any member of the purported class may move the Court to serve as lead plaintiff through Ademi & O'Reilly or other counsel of their choice, or may choose to do nothing and remain an absent class member.
The Funds, and the symbols for the respective Funds named below, are as follows:
Strong Advisor Bond Fund (SVBDX, SADBX, SABCX, SIBNX, F008W1,
SBDIX)
Strong Advisor Municipal Bond Fund (SAMAX, SMBBX, SMUIX, F00BH8)
Strong Advisor Municipal Select Fund (STAEX, F005LZ, F005M9)
Strong Advisor Short Duration Bond A Fund (STSDX, SSDKX, SSHCX,
STGBX)
Strong Advisor Common Stock Fund (SCSAX, SCSKX, STSAX, STCSX)
Strong Advisor Endeavor Large Cap Fund (STALX, F008GO)
Strong Advisor Focus Fund (F005MO, F005M7, F005LT)
Strong Advisor International Core Fund (F008GQ, F008GR, F008GS)
Strong Advisor Large Company Core Fund (SLGAX, F00AO2, F00AO3,
SLCKX)
Strong Advisor Mid-Cap Growth Fund (F005LQ, F005M1, F005LO,
SMDCX)
Strong Advisor Small Cap Value Fund (SMVAX, SMVBX, SMVCX, SSMVX)
Strong Advisor Strategic Income Fund (SASAX, F005L7, SASCX
Strong Advisor Technology Fund (F005LM, F005LM)
Strong Advisor U.S. Small/Mid Cap Growth Fund (F009D0, F009D1)
Strong Advisor U.S. Value (F005M2, F005M5, F005MA, SEQKX, SEQIX)
Strong Advisor Utilities and Energy Fund (SUEAX, F00AED, F00AEE,
F009D5)
Strong All Cap Value Fund (F009D5)
Strong Asia Pacific Fund (SASPX)
Strong Balanced Fund (STAAX)
Strong Blue Chip Fund (SBCHX)
Strong Discovery Fund (STDIX)
Strong Dividend Income Fund (SDVIX, F008VY)
Strong Dow 30 Value Fund (SDOWX)
Strong Endeavor Fund (SENDX)
Strong Energy Fund (SENGX)
Strong Enterprise Fund (SENAX, F04ANX, SENTX, SEPKX)
Strong Growth & Income Fund (SGNAX, SGNIX, SGRIX, SGIKX)
Strong Growth 20 Fund (SGTWX, SGRTX, F00B67)
Strong Growth Fund (SGROX, SGRKX, SGRAX, SGRNX)
Strong Index 500 Fund (SINEX)
Strong Large Cap Core Fund (SLCRX)
Strong Large Cap Growth Fund (STRFX)
Strong Large Company Growth Fund (SLGIX, F04ANY)
Strong Mid Cap Disciplined Fund (SMCDX)
Strong Multi-Cap Value Fund (SMTVX)
Strong Opportunity Fund (SOPVX, SOPFX, F00AH2)
Strong Overseas Fund (F00B4I, SOVRX)
Strong Small Company Value Fund (F009D3)
Strong Technology 100 Fund (STEKX)
Strong U.S. Emerging Growth Fund (SEMRX)
Strong Value Fund (STVAX)
Strong Life Stages -- Aggressive Portfolio Fund (SAGGX)
Strong Life Stages -- Conservative Portfolio Fund (SCONX)
Strong Life Stages -- Moderate Portfolio Fund (SMDPX)
Strong Corporate Bond Fund (SCBDX, SCBNX, STCBX)
Strong Corporate Income Fund (SCORX)
Strong High-Yield Bond Fund (SHBAX, SHYYX, STHYX)
Strong Government Securities Fund (SGVDX, F00B66, SGVIX, STVSX)
Strong High-Yield Municipal Bond Fund (SHYLX)
Strong Intermediate Municipal Bond Fund (SIMBX)
Strong Municipal Bond Fund (SXFIX)
Strong Minnesota Tax-Free Fund (F00B64, F00B65, F00B63)
Strong Wisconsin Tax-Free Fund (F0068K)
Strong Short-Term High-Yield Municipal Bond Fund (SSHMX)
Strong Short-Term Municipal Bond Fund (F00B62, STSMX)
Strong Short-Term High-Yield Bond Fund (SSTHX, STHBX)
Strong Short-Term Income Fund (F00B1K)
Strong Short-Term Bond Fund (SSTVX, SSHIX, SSTBX)
Strong Ultra Short-Term Income Fund (SADAX, SADIX, STADX)
Strong Ultra Short-Term Municipal Income Fund (SMAVX, SMAIX,
SMUAX)
Strong Florida Municipal Money Market Fund (SLFXX)
Strong Heritage Money Fund (SHMXX)
Strong Money Market Fund (SMNXX)
Strong Municipal Money Market Fund (SXFXX)
Strong Tax-Free Money Fund (STMXX)
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, Strong Financial Corporation 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca