BALTIMORE, Oct. 29, 2003 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of shares of the Putnam Family of Funds (the "Putnam Funds") during the period between November 1, 1998 and September 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 Company Act of 1940.
The Funds and the symbols for the respective Funds subject to the lawsuit are as follows:
-- Putnam American Government Income Fund (Sym: PAGVX, PAMBX, PAMMX)
-- Putnam Arizona Tax Exempt Income Fund (Sym: PTAZX, PAZBX)
-- Putnam Asset Allocation: Balanced Portfolio (Sym: PABAX, PABBX,
AABCX, PABMX)
-- Putnam Asset Allocation: Conservative Portfolio (Sym: PACAX,
PACBX, PACCX, PACMX)
-- Putnam Asset Allocation: Growth Portfolio (Sym: PAEAX, PAEBX,
PAECX, PAGMX)
-- Putnam California Tax Exempt Income Fund (Sym: PCTEX, PCTBX,
PCLMX)
-- Putnam Capital Appreciation Fund (Sym: PCAPX, PCABX, PCAMX)
-- Putnam Capital Opportunities Fund (Sym: PCOAX, POPBX, PCOCX)
-- Putnam Classic Equity Fund (Sym: PXGIX, PGIIX, PGTCX, PGIMX)
-- Putnam Convertible Income-Growth Trust (Sym: PCONX, PCNBX, PCNMX)
-- Putnam Discovery Growth Fund (Sym: PVIIX, PVYBX, PVYCX, PVYMX)
-- Putnam Diversified Income Trust (Sym: PDINX, PSIBX, PDVCX, PDVMX)
-- Putnam Equity Income Fund (Sym: PEYAX, PEQNX, PEQCX, PEIMX)
-- Putnam Europe Equity Fund (Sym: PEUGX, PEUBX, PEUMX)
-- Putnam Florida Tax Exempt Income Fund (Sym: PTFLX, PFLBX)
-- Putnam Fund for Growth and Income (Sym: PGRWX, PGIBX, PGRIX,
PGRMX)
-- George Putnam Fund of Boston (Sym: PGEOX, PGEBX, PGPCX, PGEMX)
-- Putnam Global Equity Fund (Sym: PEQUX, PEQBX, PUGCX, PEQMX)
-- Putnam Global Income Trust (Sym: PGGIX, PGLBX, PGGMX)
-- Putnam Global Natural Resources Fund (Sym: EBERX, PNRBX, PGLMX)
-- Putnam Growth Opportunities Fund (Sym: POGAX, POGBX, POGCX, PGOMX)
-- Putnam Health Sciences Trust (Sym: PHSTX, PHSBX, PCHSX, PHLMX)
-- Putnam High Yield Advantage Fund (Sym: PHYIX, PHYBX, PHYMX)
-- Putnam High Yield Trust (Sym: PHIGX, PHBBX, PCHYX, PHIMX)
-- Putnam Income Fund (Sym: PINCX, PNCBX, PUICX, PNCMX)
-- Putnam Intermediate U.S. Government Income Fund (Sym: PBLGX,
PBGBX, PVICX)
-- Putnam International Capital Opportunities Fund (Sym: PNVAX,
PVNBX, PUVCX, PIVMX)
-- Putnam International Equity Fund (Sym: POVSX, POVBX, PIGCX, POVMX)
-- Putnam International Growth and Income Fund (Sym: PNGAX, PGNBX,
PIGRX, PIGMX)
-- Putnam International New Opportunities Fund (Sym: PINOX, PINWX,
PIOCX, PINMX)
-- Putnam Investors Fund (Sym: PINVX, PNVBX, PCINX, PNVMX)
-- Putnam Massachusetts Tax Exempt Income Fund (Sym: PXMAX, PMABX)
-- Putnam Michigan Tax Exempt Income Fund (Sym: PXMIX, PMEBX)
-- Putnam Mid Cap Value Fund (Sym: PMVAX, PMVBX, PMPCX)
-- Putnam Minnesota Tax Exempt Income Fund (Sym: PXMNX, PMTBX)
-- Putnam Money Market Fund (Sym: PDDXX, PTBXX, PFCXX, PTMXX)
-- Putnam Municipal Income Fund (Sym: PTFHX, PFHBX)
-- Putnam New Jersey Tax Exempt Income Fund (Sym: PTNJX, PNJBX)
-- Putnam New Opportunities Fund (Sym: PNOPX, PNOBX, PNOCX, PNOMX)
-- Putnam New Value Fund (Sym: PANVX, PBNVX, PNVCX, PMNVX)
-- Putnam New York Tax Exempt Income Fund (Sym: PTEIX, PEIBX)
-- Putnam New York Tax Exempt Opportunities Fund (Sym: PTNHX, PTNBX,
PNYMX)
-- Putnam OTC & Emerging Growth Fund (Sym: POEGX, POTBX, POECX,
POEMX)
-- Putnam Ohio Tax Exempt Income Fund (Sym: PXOHX, POXBX)
-- Putnam Pennsylvania Tax Exempt Income Fund (Sym: PTEPX, PPNBX)
-- Putnam Research Fund (Sym: PNRAX, PRFBX, PRACX)
-- Putnam Small Cap Growth Fund (Sym: PNSAX)
-- Putnam Small Cap Value Fund (Sym: PSLAX, PSLBX, PSLCX. PSLMX)
-- Putnam Tax Exempt Income Fund (Sym: PTAEX, PTBEX, PTXMX)
-- Putnam Tax Exempt Money Market Fund (Sym: PTXXX)
-- Putnam Tax Smart Equity Fund (Sym: PATSX, PBTSX, PCSMX)
-- Putnam Tax-Free High Yield Fund (Sym: PTHAX, PTHYX, PTYMX)
-- Putnam Tax-Free Insured Fund (Sym: PPNAX, PTFIX)
-- Putnam U.S. Government Income Trust (Sym: PGSIX, PGSBX, PGVCX,
PGSMX)
-- Putnam Utilities Growth and Income Fund (Sym: PUGIX, PUTBX, PUTMX)
-- Putnam Vista Fund (Sym: PVISX, PVTBX, PCVFX, PVIMX)
-- Putnam Voyager Fund (Sym: PVOYX, PVOBX, PVFCX, PVOMX)
The wrongful conduct alleged in, and which is the subject of the lawsuit, relates to "late trading" of mutual fund shares by certain customers of the fund. Specifically, the conduct complained of relates to allegations that certain of those who invested in certain of the various defendants' mutual funds 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 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 the lawsuit 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 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 bought shares of the Putnam Funds family of funds between November 1, 1998 and September 3, 2003, inclusive and you wish to serve as lead plaintiff, a motion must be filed with the Court no later than December 22, 2003.
If you are one who purchased 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca