BALTIMORE, Nov. 4, 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 AllianceBernstein Funds (the "Funds") managed by Alliance Capital Management Holdings, L.P. during the period between October 2, 1998 and September 29, 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:
- AllianceBernstein Growth & Income Fund (Sym: CABDX, CBBDX, CBBCX) - AllianceBernstein Health Care Fund (Sym: AHLAX, AHLBX, AHLCX) - AllianceBernstein Disciplined Value Fund (Sym: ADGAX, ADGBX, ADGCX) - AllianceBernstein Mid-Cap Growth (Sym: CHCBX, CHCCX) - AllianceBernstein Real Estate Investment Fund (Sym: AREAX, AREBX, ARECX) - AllianceBernstein Growth Fund (Sym: AGRFX, AGBBX, AGRCX) - AllianceBernstein Select Investor Series Biotechnology Portfolio (Sym: ASBAX, AIBBX, ASBCX) - AllianceBernstein Small CapValue Fund (Sym: ABASX, ABBSX, ABCSX) - AllianceBernstein Premier Growth Fund (Sym: APGAX, APGBX APGCX) - AllianceBernstein Select Investor Series Technology Portfolio (Sym AITAX, AITBX, AITCX) - AllianceBernstein Value Fund (Sym: ABVAX, ABVBX, ABVCX) - AllianceBernstein Quasar Fund (Sym: QUASX, QUABX, QUACX) - AllianceBernstein Technology Fund (Sym: ALTFX, ATEBX, ATECX) - AllianceBernstein Select Investor Series Premier Portfolio (Sym: ASPAX, ASPBX, ASPCX) - AllianceBernstein Utility Income Fund (Sym: AUIAX, AUIBX, AUICX) - AllianceBernstein Balanced Shares (Sym: CABNX, CABBX, CBACX) - AllianceBernstein Disciplined Value Fund (Sym: ADGAX, ADGBX, ADGCX) - AllianceBernstein Global Value Fund (Sym: ABAGX, ABBGX, ABCGX) - AllianceBernstein International Value Fund (Sym: ABIAX, ABIBX, ABICX) - AllianceBernstein Real Estate Investment Fund (Sym: AREAX, AREBX, ARECX) - AllianceBernstein Small Cap Value Fund (Sym: ABASX, ABBSX, ABCSX) - AllianceBernstein Utility Income Fund (Sym: AUIAX, AUIBX, AUICX) - AllianceBernstein Value Fund (Sym: ABVAX, ABVBX) - AllianceBernstein Blended Style Series - U.S. Large Cap Portfolio (Sym: ABBAX, ABBAX, ABBCX) - AllianceBernstein All-Asia Investment Fund (Sym: AALAX, AAABX, AAACX) - AllianceBernstein Global Value Fund (Sym: ABAGX, ABBGX, ABCGX) - AllianceBernstein Greater China '97 Fund (Sym: GCHAX, GCHBX, GCHCX) - AllianceBernstein International Premier Growth Fund (Sym: AIPAX, AIPBX, AIPCX) - AllianceBernstein International Value Fund (Sym: ABIAX, ABIBX, ABICX) - AllianceBernstein Global Small Cap Fund (Sym: GSCAX, AGCBX, GSCCX) - AllianceBernstein New Europe Fund (Sym: ANEAX, ANEBX, ANECX) - AllianceBernstein Worldwide Privatization Fund (Sym: AWPAX, AWPBX, AWPCX) - AllianceBernstein Select Investor Series Biotechnology Portfolio (Sym: ASBAX, AIBBX, ASBCX) - AllianceBernstein Select Investor Series Premier Portfolio (Sym: ASPAX, ASPBX, ASPCX) - AllianceBernstein Select Investor Series Technology Portfolio (Sym: AITAX, AITBX, AITCX) - AllianceBernstein Americas Government Income Trust (Sym: ANAGX, ANABX, ANACX) - AllianceBernstein Bond Fund Corporate Bond Portfolio (Sym: CBFAX, CBFBX, CBFCX) - AllianceBernstein Bond Fund Quality Bond Portfolio (Sym: ABQUX, ABQBX, ABQCX) - AllianceBernstein Bond Fund U.S. Government Portfolio (Sym: ABUSX, ABUBX, ABUCX) - AllianceBernstein Emerging Market Debt Fund - AllianceBernstein Global Strategic Income Trust (Sym: AGSAX, AGSBX, AGCCX) - AllianceBernstein High Yield Fund (Sym: AHYAX, AHHBX, AHHCX) - AllianceBernstein Multi-Market Strategy Trust (Sym: AMMSX, AMMBX, AMMCX) - AllianceBernstein Short Duration (Sym: ADPAX, ADPBX, ADPCX) - AllianceBernstein Intermediate California Muni Portfolio (Sym: ACLBX, ACMCX) - AllianceBernstein Intermediate Diversified Muni Portfolio (Sym: AIDAX, AIDBX, AIMCX) - AllianceBernstein Intermediate New York Muni Portfolio (Sym: ANIAX, ANYBX, ANMCX) - AllianceBernstein Muni Income Fund National Portfolio (Sym: ALTHX, ALTBX, ALNCX) - AllianceBernstein Muni Income Fund Arizona Portfolio (Sym: AAZAX, AAZBX, AAZCX) - AllianceBernstein Muni Income Fund California Portfolio (Sym: ALCAX, ALCBX, ACACX) - AllianceBernstein Muni Income Fund Insured California Portfolio (Sym: BUICX, BUIBX, BUCCX) - AllianceBernstein Muni Income Fund Insured National Portfolio (Sym: CABTX, CBBBX, CACCX) - AllianceBernstein Muni Income Fund Florida Portfolio (Sym: AFLAX, AFLBX, AFLCX) - AllianceBernstein Muni Income Fund Massachusetts Portfolio (Sym: AMAAX, AMABX) - AllianceBernstein Muni Income Fund Michigan Portfolio (Sym: AMIAX, AMIBX, AMICX) - AllianceBernstein Muni Income Fund Minnesota Portfolio (Sym: AMNAX, AMNBX, AMNCX) - AllianceBernstein Muni Income Fund New Jersey Portfolio (Sym: ANJAX, ANJBX, ANJCX) - AllianceBernstein Muni Income Fund New York Portfolio (Sym: ALNYX, ALNBX, ANYCX) - AllianceBernstein Muni Income Fund Ohio Portfolio (Sym: AOHAX, AOHBX, AOHCX) - AllianceBernstein Muni Income Fund Pennsylvania Portfolio (Sym: APAAX, APABX, APACX) - AllianceBernstein Muni Income Fund Virginia Portfolio (Sym: AVAAX, AVABX, AVACX)
The lawsuit 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 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 also relates to "timing." As used, "timing" is an investment technique involving short-term, "in and out" trading of mutual fund shares to turn a quick profit. The lawsuit alleges that timing injures ordinary mutual fund investors who are not allowed to engage in such practices and benefits 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 Alger Funds family of funds between October 2, 1998 and September 29, 2003, inclusive, and you wish to serve as lead plaintiff, a motion must be filed with the Court no later than December 1, 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 410/986-0036.