BALTIMORE, Nov. 7, 2003 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. announces that a class action lawsuit was filed on October 16, 2003, on behalf of purchasers of the securities of the Morgan Stanley family of funds (the "Funds") owned and operated by Morgan Stanley (NYSE:MWD), and certain of its subsidiaries and affiliates, between October 1, 1999 and December 31, 2002, 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 named below, are as follows:
Morgan Stanley 21st Century Trend Fund (Sym: TCTAX, TCTBX, TCTCX, TCTDX) Morgan Stanley Aggressive Equity Fund (Sym: AEQAX, AEQBX, AEQCX, AEQDX) Morgan Stanley All Star Growth Fund (Sym: ALLAX, ALLBX, ALLCX, ALLDX) Morgan Stanley American Opportunities Fund (Sym: AMOAX, AMOBX, AMOCX, AMODX) Morgan Stanley Biotechnology Fund (Sym: BTKAX, BTKBX, BTKCX, BTKDX) Morgan Stanley Capital Opportunities Trust (Sym: CPOAX, CPOBX, CPOCX, CPODX) Morgan Stanley Developing Growth Securities (Sym: DGRAX, DGRBX, DGRCX, DGRDX) Morgan Stanley Financial Services Trust (Sym: FSVAX, FSVBX, FSVCX, FSVDX) Morgan Stanley Growth Fund (Sym: GRTAX, GRTBX, GRTCX, GRTDX) Morgan Stanley Health Sciences Trust (Sym: HCRAX, HCRBX, HCRCX, HCRDX) Morgan Stanley Information Fund (Sym: IFOAX, IFOBX, IFOCX, IFODX) Morgan Stanley KLD Social Index Fund (Sym: SIXAX, SIXBX, SIXCX, SIXDX) Morgan Stanley Market Leader Trust (Sym: MLDAX, MLDBX, MLDCX, MLDDX) Morgan Stanley Mid-Cap Value Fund (Sym: MDFAX, MDFBX, MDFCX, MDFDX) Morgan Stanley Nasdaq-100 Index Fund (Sym: NSQAX, NSQBX, NSQCX, NSQDX) Morgan Stanley Natural Resource Development Securities (Sym: NREAX, NREBX, NRECX, NREDX) Morgan Stanley New Discoveries Fund (Sym: NDFAX, NDFBX, NDFCX, NDFDX) Morgan Stanley Next Generation Trust (Sym: NGTAX, NGTBX, NGTCX, NGTDX) Morgan Stanley Small-Mid Special Value Fund (Sym: JBJAX, JBJBX, JBJCX, JBJDX) Morgan Stanley Special Growth Fund (Sym: SMPAX, SMPBX, SMPCX, SMPD) Morgan Stanley Special Value Fund (Sym: SVFAX, SVFBX, SVFCX, SVFDX) Morgan Stanley Tax-Managed Growth Fund (Sym: TGXAX, TGXBX, TGXCX, TGXDX) Morgan Stanley Technology Fund (Sym: TEKAX, TEKBX, TEKCX, TEKDX) Morgan Stanley European Growth Fund (Sym: EUGAX, EUGBX, EUGCX, EUGDX) Morgan Stanley Fund of Funds - International Portfolio (Sym: IOFBX, IOFCX, IOFDX) Morgan Stanley Global Advantage Fund, (Sym: GADAX, GADBX, GADCX, GADDX) Morgan Stanley Global Dividend Growth Securities (Sym: GLBAX, GLBBX, GLBCX, GLBDX) Morgan Stanley Global Utilities Fund (Sym: GUTAX, GUTBX, GUTCX, GUTDX) Morgan Stanley International Fund (Sym: INLAX, INLBX, INLCX, INLDX) Morgan Stanley International Smallcap Fund (Sym: ISMAX, SMBX, ISMCX, ISMDX) Morgan Stanley International Value Equity Fund (Sym: IVQAX, IVQBX, IVQCX, IVQDX) Morgan Stanley Japan Fund (Sym: JPNAX, JPNBX, JPNCX, JPNDX) Morgan Stanley Latin American Growth Fund (Sym: LATAX, LATBX, LATCX, LATDX) Morgan Stanley Pacific Growth Fund (Sym: TGRAX, TGRBX, TGRCX, TGRDX) Morgan Stanley Allocator Fund (Sym: ALRAX, ALRBX, ALRCX, ALRDX) Morgan Stanley Balanced Growth Fund (Sym: BGRAX, BGRBX, BGRCX, BGRDX) Morgan Stanley Balanced Income Fund, (Sym: BINAX, BINBX, BINCX, BINDX) Morgan Stanley Convertible Securities Trust, (Sym: CNSAX, CNSBX, CNSCX, CNSDX) Morgan Stanley Dividend Growth Securities, (Sym: DIVAX, DIVBX, DIVCX, DIVDX) Morgan Stanley Equity Fund (Sym: EQFAX, EQFBX, EQFCX, EQFDX) Morgan Stanley Fund of Funds - Domestic Portfolio (Sym: DOFAX, DOFBX, DOFCX, DOFDX) Morgan Stanley Fundamental Value Fund (Sym: FVFAX, FVFBX, FVFCX, FVFDX) Morgan Stanley Income Builder Fund, (Sym: INBAX, INBBX, INBCX, INBDX) Morgan Stanley Real Estate Fund (Sym: REFAX, REFBX, REFCX, REFDX) Morgan Stanley S&P 500 Index Fund (Sym: SPIAX, SPIBX, SPICX, SPIDX) Morgan Stanley Strategist Fund (Sym: SRTAX, SRTBX, SRTCX, SRTDX) Morgan Stanley Total Market Index Fund (Sym: TMIAX, TMIBX, TMICX, TMIDX) Morgan Stanley Total Return Trust (Sym: TRFAX, TRFBX, TRFCX, TRFDX) Morgan Stanley Utilities Fund (Sym: UTLAX, UTLBX, UTLCX, UTLDX) Morgan Stanley Value Fund (Sym: VLUAX, VLUBX, VLUCX, VLUDX) Morgan Stanley Value-Added Market Series/Equity Portfolio (Sym: VADAX, VADBX, VADCX, VADDX) Morgan Stanley Active Assets California Tax-Free Trust (Sym: AACXX) Morgan Stanley Active Assets Government Securities Trust (Sym: AAGXX) Morgan Stanley Active Assets Institutional Money Trust (Sym: AVIXX) Morgan Stanley Active Assets Money Trust (Sym: AAMXX) Morgan Stanley Active Assets Tax-Free Trust (Sym: AATXX) Morgan Stanley Flexible Income Trust (Sym: DINAX, DINBX, DINCX, DINDX,) Morgan Stanley Federal Securities Trust (Sym: FDLAX, FDLBX, FDLCX, FDLDX) Morgan Stanley High Yield Securities (Sym: HYLAX, HYLBX, HYLCX, HYLDX) Morgan Stanley Quality Income Trust (Sym: IISAX, IISBX, IISCX, IISDX) Morgan Stanley Limited Duration Fund (Sym: MSLDX) Morgan Stanley Limited Duration U.S. Treasury Trust (Sym: LDTRX) Morgan Stanley Liquid Asset Fund (Sym: DWLXX) Morgan Stanley Prime Income Trust (Sym: XPITX) Morgan Stanley U.S. Government Money Market Trust (Sym: DWGXX) Morgan Stanley U.S. Government Securities Trust (Sym: USGAX, USGBX, USGCX USGDX) Morgan Stanley California Tax-Free Daily Income Trust (Sym: DSCXX) Morgan Stanley California Tax-Free Income Fund (Sym: CLFAX, CLFBX, CLFCX, CLFDX) Morgan Stanley Hawaii Municipal Trust (Sym: DWHIX) Morgan Stanley Limited Term Municipal Trust (Sym: DWLTX) Morgan Stanley Multi-State Municipal Series Trust, Arizona Series (Sym: DWAZX) Morgan Stanley Multi-State Municipal Series Trust, Florida Series (Sym: DWFLX) Morgan Stanley Multi-State Municipal Series Trust, New Jersey Series(Sym: DWNJX) Morgan Stanley Multi-State Municipal Series Trust, Pennsylvania Series (Sym: DWPAX) Morgan Stanley New York Municipal Money Market Trust (Sym: DWNXX) Morgan Stanley New York Tax-Free Income Fund (Sym: NYFAX, NYFBX, NYFCX, NYFDX) Morgan Stanley Tax-Exempt Securities Trust (Sym: TAXAX, TAXBX, TAXCX, TAXDX) Morgan Stanley Tax-Free Daily Income Trust Sym: DSTXX)
The action, numbered 03-CV-8208, is pending in the United States District Court for the Southern District of New York against defendants Morgan Stanley, Morgan Stanley DW Inc. ("MSDW"), Morgan Stanley Investment Advisors, Inc., Morgan Stanley Advisors LP each of the Funds. The Honorable Richard Owen is the Judge presiding over the action.
The Complaint 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 Complaint charges that defendants engaged in an unlawful and deceitful course of conduct designed to improperly financially advantage defendants to the detriment of plaintiffs and the other members of the Class. The complaint alleges that defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that Morgan Stanley had been aggressively pushing its sales personnel to sell Morgan Stanley funds, instead of mutual funds owned and managed by other companies, by organizing internal contests offering various prizes to brokers who sold the most in proprietary funds. In addition, according to the complaint, unbeknownst to investors, the advisors to the Funds (Morgan Stanley Investment Advisors, Inc. and Morgan Stanley Advisors LP) paid excessive commissions, directly or indirectly, to MSDW, the broker dealer, which came directly out of the Funds' assets, as payments to MSDW for its steering clients towards Morgan Stanley's proprietary funds. The advisors profited from this scheme by earning increased management fees, while MSDW benefited from increased commissions and Morgan Stanley profited as the ultimate parent of MSDW and the advisors. The clear losers were plaintiff and the other members of the Class, whose assets were diverted to line defendants' pockets without any benefit to them whatsoever.
If you bought the securities of any of the Funds between October 1, 1999 and December 31, 2002 and sustained damages, you may, no later than December 19, 2003, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Law Offices Of Charles J. Piven, P.A., or other counsel of your choice, to serve as your counsel in this action.
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/ca.