BALTIMORE, Nov. 5, 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 Alger Funds family of funds (the "Alger 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 Advisers Act of 1940.
The Funds and the symbols for the respective Funds subject to the lawsuit are as follows:
- Alger SmallCap Portfolio (Sym: ALSAX, ALSCX, AGSCX) - Alger SmallCap and MidCap Portfolio (Sym: ALMAX, ALMBX, ALMCX) - Alger MidCap Growth Portfolio (Sym: AMGAX, AMCGX, AMGCX) - Alger LargeCap Growth Portfolio (Sym: ALGAX, AFGPX, ALGCX) - Alger Capital Appreciation Portfolio (Sym: ACAAX, ACAPX, ALCCX) - Alger Health Sciences Portfolio (Sym: AHSAX, AHSBX, AHSCX) - Alger Balanced Portfolio (Sym: ALBAX, ALGBX, ALBCX) - Alger Small Cap Institutional Fund (Sym: ALSRX, ASIRX) - Alger MidCap Institutional Fund (Sym: ALMRX, ALGRX) - Alger LargeCap Growth Institutional Fund (Sym: ALGRX, ALGIX) - Alger Capital Appreciation Institutional Fund (Sym: ALARX, ACARX) - Alger Balanced Institutional Fund (Sym: ABLRX, ABIRX) - Alger Socially Responsible Growth Institutional Fund (Sym: ASRGX, ASRRX) - Spectra Fund (Sym: SPEAX, SPECX)
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 "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 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 January 5, 2004.
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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com