NEW YORK, Oct. 24, 2003 (PRIMEZONE) -- A class action lawsuit has been filed in United States District Court for the Southern District of New York, case number 03-CV-8323, on behalf of all persons or entities who purchased or otherwise acquired Putnam Capital Appreciation Fund (Nasdaq: PCABX) (Nasdaq: PCAMX), Putnam Capital Opportunities Fund (Nasdaq: POPBX) (Nasdaq: PCOCX), Putnam Classic Equity Fund (Nasdaq: PHIIX) (Nasdaq: PGTCX) (Nasdaq: PGIMX), Putnam Convertible Income-Growth Trust (Nasdaq: PCNBX) (Nasdaq: PCNMX), and other Putnam family of funds (the "Funds"), between November 1, 1998 and September 3, 2003, inclusive (the "Class Period"). The complaint names Marsh & McLennan Companies, Inc., Putnam Investments Trust, Putnam Investment Management LLC, Putnam Investment Funds, each of the Funds, and John Does 1-100.
The Funds, and the symbols for the respective Funds named below, are as follows:
Putnam American Government Income Fund (Nasdaq: PAGVX) (Nasdaq: PAMBX) (Nasdaq: PAMMX) Putnam Arizona Tax Exempt Income Fund (Nasdaq: PTAZX) (Nasdaq: PAZBX) Putnam Asset Allocation: Balanced Portfolio (Nasdaq: PABAX) (Nasdaq: PABBX) (Nasdaq: AABCX) (Nasdaq: PABMX) Putnam Asset Allocation: Conservative Portfolio (Nasdaq: PACAX) (Nasdaq: PACBX) (Nasdaq: PACCX) (Nasdaq: PACMX) Putnam Asset Allocation: Growth Portfolio (Nasdaq: PAEAX) (Nasdaq: PAEBX) (Nasdaq: PAECX) (Nasdaq: PAGMX) Putnam California Tax Exempt Income Fund (Nasdaq: PCTEX) (Nasdaq: PCTBX) (Nasdaq: PCLMX) Putnam Capital Appreciation Fund (Nasdaq: PCAPX) (Nasdaq: PCABX) (Nasdaq: PCAMX) Putnam Capital Opportunities Fund (Nasdaq: PCOAX) (Nasdaq: POPBX) (Nasdaq: PCOCX) Putnam Classic Equity Fund (Nasdaq: PXGIX) (Nasdaq: PGIIX) (Nasdaq: PGTCX) (Nasdaq: PGIMX) Putnam Convertible Income-Growth Trust (Nasdaq: PCONX) (Nasdaq: PCNBX) (Nasdaq: PCNMX) Putnam Discovery Growth Fund (Nasdaq: PVIIX) (Nasdaq: PVYBX) (Nasdaq: PVYCX) (Nasdaq: PVYMX) Putnam Diversified Income Trust (Nasdaq: PDINX) (Nasdaq: PSIBX) (Nasdaq: PDVCX) (Nasdaq: PDVMX) Putnam Equity Income Fund (Nasdaq: PEYAX) (Nasdaq: PEQNX) (Nasdaq: PEQCX) (Nasdaq: PEIMX) Putnam Europe Equity Fund (Nasdaq: PEUGX) (Nasdaq: PEUBX) (Nasdaq: PEUMX) Putnam Florida Tax Exempt Income Fund (Nasdaq: PTFLX) (Nasdaq: PFLBX) Putnam Fund for Growth and Income (Nasdaq: PGRWX) (Nasdaq: PGIBX) (Nasdaq: PGRIX) (Nasdaq: PGRMX) George Putnam Fund of Boston (Nasdaq: PGEOX) (Nasdaq: PGEBX) (Nasdaq: PGPCX) (Nasdaq: PGEMX) Putnam Global Equity Fund (Nasdaq: PEQUX) (Nasdaq: PEQBX) (Nasdaq: PUGCX) (Nasdaq: PEQMX) Putnam Global Income Trust (Nasdaq: PGGIX) (Nasdaq: PGLBX) (Nasdaq: PGGMX) Putnam Global Natural Resources Fund (Nasdaq: EBERX) (Nasdaq: PNRBX) (Nasdaq : PGLMX) Putnam Growth Opportunities Fund (Nasdaq: POGAX) (Nasdaq: POGBX) (Nasdaq: POGCX) (Nasdaq: PGOMX) Putnam Health Sciences Trust (Nasdaq: PHSTX) (Nasdaq: PHSBX) (Nasdaq: PCHSX) (Nasdaq: PHLMX) Putnam High Yield Advantage Fund (Nasdaq: PHYIX) (Nasdaq: PHYBX) (Nasdaq: PHYMX) Putnam High Yield Trust (Nasdaq: PHIGX) (Nasdaq: PHBBX) (Nasdaq: PCHYX) (Nasdaq: PHIMX) Putnam Income Fund (Nasdaq: PINCX) (Nasdaq: PNCBX) (Nasdaq: PUICX) (Nasdaq: PNCMX) Putnam Intermediate U.S. Government Income Fund (Nasdaq: PBLGX) (Nasdaq: PBGBX) (Nasdaq: PVICX) Putnam International Capital Opportunities Fund (Nasdaq: PNVAX) (Nasdaq: PVNBX) (Nasdaq: PUVCX) (Nasdaq: PIVMX) Putnam International Equity Fund (Nasdaq: POVSX) (Nasdaq: POVBX) (Nasdaq: PIGCX) (Nasdaq: POVMX) Putnam International Growth and Income Fund (Nasdaq: PNGAX) (Nasdaq: PGNBX) (Nasdaq: PIGRX) (Nasdaq: PIGMX) Putnam International New Opportunities Fund (Nasdaq: PINOX) (Nasdaq: PINWX) (Nasdaq: PIOCX) (Nasdaq: PINMX) Putnam Investors Fund (Nasdaq: PINVX) (Nasdaq: PNVBX) (Nasdaq: PCINX) (Nasdaq: PNVMX) Putnam Massachusetts Tax Exempt Income Fund (Nasdaq: PXMAX) (Nasdaq: PMABX) Putnam Michigan Tax Exempt Income Fund (Nasdaq: PXIMX) (Nasdaq: PMEBX) Putnam Mid Cap Value Fund (Nasdaq: PMVAX)( Nasdaq: PMVBX) (Nasdaq: PMPCX) Putnam Minnesota Tax Exempt Income Fund (Nasdaq: PXMNX) (Nasdaq: PMTBX) Putnam Money Market Fund (Nasdaq: PDDXX) (Nasdaq: PTBXX) (Nasdaq: PFCXX) (Nasdaq: PTMXX) Putnam Municipal Income Fund (Nasdaq: PTFHX) (Nasdaq: PFHBX) (Nasdaq: PMUMX) Putnam New Jersey Tax Exempt Income Fund (Nasdaq: PTNJX) (Nasdaq: PNJBX) Putnam New Opportunities Fund (Nasdaq: PNOPX) ( Nasdaq: PNOBX) (Nasdaq: PNOMX) Putnam New Value Fund (Nasdaq: PANVX) (Nasdaq: PBNVX) (Nasdaq: PNVCX)(Nasdaq: PMNVX) Putnam New York Tax Exempt Income Fund (Nasdaq: PTEIX) (Nasdaq: PEIBX) Putnam New York Tax Exempt Opportunities Fund (Nasdaq: PTNHX) (Nasdaq: PTNBX) (Nasdaq: PNYMX) Putnam OTC & Emerging Growth Fund (Nasdaq: POEGX) (Nasdaq: POTBX) (Nasdaq: POEXC) (Nasdaq: POEMX) Putnam Ohio Tax Exempt Income Fund (Nasdaq: PHOHX) (Nasdaq: POXBX) Putnam Pennsylvania Tax Exempt Income Fund (Nasdaq: PTEPX) (Nasdaq: PPNBX) Putnam Research Fund (Nasdaq: PNRAX) (Nasdaq: PRFBX) (Nasdaq: PRACX) Putnam Small Cap Growth Fund (Nasdaq: PNSAX) Putnam Small Cap Value Fund (Nasdaq: PSLAX) (Nasdaq: PSLBX) (Nasdaq: PSLCX (Nasdaq: PSLMX) Putnam Tax Exempt Income Fund (Nasdaq: PTAEX) (Nasdaq: PTBEX) (Nasdaq: PTXMX) Putnam Tax Exempt Money Market Fund (Nasdaq: PTXXX) Putnam Tax Smart Equity Fund (Nasdaq: PATSX) (Nasdaq: PBTSX) (Nasdaq: PCSMX) Putnam Tax-Free High Yield Fund (Nasdaq: PTHAX) (Nasdaq: PTHYX) (Nasdaq: PTYMX) Putnam Tax-Free Insured Fund (Nasdaq: PPNAX) (Nasdaq: PTFIX) Putnam U.S. Government Income Trust (Nasdaq: PGSIX) (Nasdaq: PGSBX (Nasdaq: PGVCX) (Nasdaq: PGSMX) Putnam Utilities Growth and Income Fund (Nasdaq: PUGIX) (Nasdaq: PUTBX) (Nasdaq: PUTMX) Putnam Vista Fund (Nasdaq: PVISX) (Nasdaq: PVTBX) (Nasdaq: PCVFX) (Nasdaq: PVIMX) Putnam Voyager Fund (Nasdaq: PVOYX) (Nasdaq: PVOBX) (Nasdaq: PVFCX) (Nasdaq: PVOMX)
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 investors (the John Doe defendants) 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 defendants allowed the John Doe defendants to engage in timing, to the detriment of class members, who paid, dollar for dollar, for the favored investors' 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 November 1, 1998 and September 3, 2003 and sustained damages, you may, no later than December 22, 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.