BALA CYNWYD, Pa., Nov. 4, 2003 (PRIMEZONE) -- The law firm of Schiffrin & Barroway, LLP announces that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers, redeemers and holders of shares of the AllianceBernstein Funds managed by Alliance Capital Management Holding L.P. (NYSE: AC) between October 2, 1998 and September 29, 2003, inclusive (the "Class Period").
The following funds are subject to the above class action lawsuit:
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: CHCAX, 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, AVBCX) 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 (Sym: AGDAX, AGDBX, AGDCX) 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: AICBX, 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 complaint charges the AllianceBernstein Funds, Alliance Capital Management Holding L.P., and certain of its wholly-owned subsidiaries with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period, the AllianceBernstein Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the AllianceBernstein Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including Defendants Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary") to illegally engage in "timing" of the AllianceBernstein Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the AllianceBernstein Funds' prospectuses.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/currentcases.cfm.
If you are a member of the class described above, you may, not later than December 1, 2003, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action.