BALTIMORE, Oct. 25, 2003 (PRIMEZONE) -- The law firm of Law Offices Of Charles J. Piven, P.A. announces that it has filed a class action lawsuit on behalf of purchasers of the securities of mutual funds of Bank One Corporation's One Group family of mutual funds (the "Funds") 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. The deadline for One Group Funds investors to move for lead plaintiff in a securities fraud class action recently brought against Bank One Corporation and certain of its wholly-owned subsidiaries (collectively, the "One Group Funds") is rapidly approaching. If you purchased any of the One Group Funds listed below between October 1, 1998 and July 3, 2003, inclusive (the "Class Period"), and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing motions by November 4, 2003.
The following funds are subject to the above class action lawsuit:
One Group International Equity Index Fund (Nasdaq: OEIAX - News, OGEBX - News, OIICX - News, OIEAX - News) One Group Diversified International Fund (Nasdaq: PGIEX - News, ONIBX - News, OGDCX - News, WOIEX - News) One Group Small Cap Growth Fund (Nasdaq: PGSGX - News, OGFBX - News, OSGCX - News, OGGFX - News) One Group Mid Cap Growth Fund (Nasdaq: OSGIX - News, OGOBX - News, OMGCX - News, HLGEX - News) One Group Mid Cap Value Fund (Nasdaq: OGDIX - News, OGDBX - News, OMVCX - News, HLDEX - News) One Group Diversified Mid Cap Fund (Nasdaq: PECAX - News, ODMBX - News, ODMCX - News, WOOPX - News) One Group Balanced (Nasdaq: OGASX - News) One Group Diversified Equity (Nasdaq: PAVGX - News, OVBGX - News, ODECX - News, OGVFX - News) One Group Equity Income (Nasdaq: OIEIX - News, OGIBX - News, OINCX - News, HLIEX - News) One Group Equity Index (Nasdaq: OGEAX - News, OGEIX - News, OEICX - News, HLEIX - News) One Group Health Sciences (Nasdaq: OHSAX - News, OHSBX - News, OHSCX - News, OHSIX - News) One Group Investor Balanced (Nasdaq: OGIAX - News, OGBBX - News, OGBCX - News, OIBFX - News) One Group Investor Conservative Growth (Nasdaq: OICAX - News, OICGX - News, OCGCX - News, ONCFX - News) One Group Investor Growth & Income (Nasdaq: ONGIX - News, ONEBX - News, ONECX - News, ONGFX - News) One Group Investor Growth (Nasdaq: ONGAX - News, OGIGX - News, OGGCX - News, ONIFX - News) One Group Large Cap Growth (Nasdaq: OLGAX - News, OGLGX - News, OLGCX - News) One Group Large Cap Value (Nasdaq: OLVAX - News, OLVBX - News, OLVCX - News, HLQVX - News) One Group Market Expansion Index (Nasdaq: OMEAX - News, OMEBX - News, OMECX - News, PGMIX - News) One Group Small Cap Value (Nasdaq: PSOAX - News, PSOBX - News, OSVCX - News, PSOPX - News) One Group Technology (Nasdaq: OGTAX - News, OGTBX - News, OGTCX - News, OGTIX - News) One Group Arizona Municipal Bond (Nasdaq: OAMAX - News, OAMBX - News, OGAFX - News) One Group Kentucky Municipal Bond (Nasdaq: OKYAX - News, ONKBX - News, TRKMX - News) One Group Louisiana Municipal Bond (Nasdaq: PGLAX - News, ONLBX - News, OGLFX - News) One Group Michigan Municipal Bond (Nasdaq: PEIAX - News, OMIBX - News, WOMBX - News) One Group Ohio Municipal Bond (Nasdaq: ONOHX - News, OOHBX - News, HLOMX - News) One Group West Virginia Municipal Bond (Nasdaq: OGWAX - News, OGWBX - News, OGWFX - News) One Group Short-Term Municipal Bond (Nasdaq: OSTAX - News, OSTBX - News, PGUIX - News) One Group Municipal Income (Nasdaq: OTBAX - News, OTBBX - News, OMICX - News, HLTAX - News) One Group Intermediate Tax-Free (Nasdaq: ONTAX - News, ONFBX - News, HLTIX - News) One Group Tax-Free Bond (Nasdaq: PMBAX - News, PUBBX - News, PRBIX - News) One Group Bond (Nasdaq: PGBOX - News, OBOBX - News, OBOCX - News, WOBDX - News) One Group Government Bond (Nasdaq: OGGAX - News, OGGBX - News, OGVCX - News, HLGAX - News) One Group High Yield Bond (Nasdaq: OHYAX - News, OGHBX - News, OGHCX - News, OHYFX - News) One Group Income Bond (Nasdaq: ONIAX - News, OINBX - News, OBDCX - News, HLIPX - News) One Group Intermediate Bond (Nasdaq: OGBAX - News, OBDBX - News, OIMCX - News, SEIFX - News) One Group Mortgage-Backed Securities (Nasdaq: OMBAX - News, OMBIX - News) One Group Short-Term Bond (Nasdaq: OGLVX - News, OSTCX - News, HLLVX - News) One Group Treasury & Agency Bond (Nasdaq: OTABX - News, ONTBX - News, OGTFX - News) One Group Ultra Short-Term Bond (Nasdaq: ONUAX - News, ONUBX - News, OGUCX - News, HLGFX - News)
The wrongful conduct alleged in, and which is the subject of one or more of these complaints, relates to "late trading" of mutual fund shares by certain customers of the fund (including one or more hedge funds). Specifically, the conduct complained of relates to allegations that certain of those who invested in certain of the various defendants' mutual funds, including Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary"), improperly arranged to place orders after 4 p.m. Eastern Time on a given day at that day's price (instead of the next day's price, which the order would have received had it been processed lawfully). This allowed Canary and any other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on information available only after 4:00 p.m. Eastern Time while others who bought shares in the subject mutual funds could not so benefit.
The wrongful conduct alleged in and which is the subject of one or more of these complaints relates to "timing." As used, "timing" is an investment technique involving short-term, "in and out" trading of mutual fund shares designed to take advantage of inefficiencies in the way mutual fund companies price their shares, particularly shares of international funds. It is alleged, further, that while the mutual fund companies purported to guard against timing, they allowed select investors to time their trades to the detriment of other mutual fund investors and for the benefit of the mutual fund companies.
No class has yet been certified in the above actions. Until a class is certified, you are not represented unless you retain an attorney. If you are a member of any of the proposed classes, meaning, you are one who purchased, redeemed and/or held of any of the mutual funds referenced herein during the period that the conduct complained of occurred, you may be eligible to serve as a plaintiff. To be a member of one or more of the classes, if certified, you need not take any action at this time. You may retain counsel of your choice.
If you are one who purchased, redeemed and/or held any of the mutual funds referenced above during the period that the conduct complained of occurred and want to discuss your legal rights, or if you have information or questions about other mutual fund companies being investigated for improper conduct, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/332-0030.