PHILADELPHIA, Nov. 12, 2003 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that it filed a securities class action lawsuit in the United States District Court for the Southern District of New York, on behalf of all persons or entities who purchased or otherwise acquired Putnam Family of Funds ("Putnam Funds"), between November 1, 1998 and September 3, 2003, inclusive (the "Class Period"). The complaint names Marsh & McLennan Companies, Inc., Putnam Investments Trust, Putnam Investment Management LLC, Putnam Investment Funds, each of the Funds, and John Does 1-100.
The Funds, and the symbols for the respective Funds named below, are as follows:
Putnam American Government Income Fund (Nasdaq: PAGVX, PAMBX, PAMMX) Putnam Arizona Tax Exempt Income Fund (Nasdaq: PTAZX, PAZBX) Putnam Asset Allocation: Balanced Portfolio (Nasdaq: PABAX, PABBX, AABCX, PABMX) Putnam Asset Allocation: Conservative Portfolio (Nasdaq: PACAX, PACBX, PACCX, PACMX) Putnam Asset Allocation: Growth Portfolio (Nasdaq: PAEAX, PAEBX, PAECX, PAGMX) Putnam California Tax Exempt Income Fund (Nasdaq: PCTEX, PCTBX, PCLMX) Putnam Capital Appreciation Fund (Nasdaq: PCAPX, PCABX, PCAMX) Putnam Capital Opportunities Fund (Nasdaq: PCOAX, POPBX, PCOCX) Putnam Classic Equity Fund (Nasdaq: PXGIX, PGIIX, PGTCX, PGIMX) Putnam Convertible Income-Growth Trust (Nasdaq: PCONX, PCNBX, PCNMX) Putnam Discovery Growth Fund (Nasdaq: PVIIX, PVYBX, PVYCX, PVYMX) Putnam Diversified Income Trust (Nasdaq: PDINX, PSIBX, PDVCX, PDVMX) Putnam Equity Income Fund (Nasdaq: PEYAX, PEQNX, PEQCX, PEIMX) Putnam Europe Equity Fund (Nasdaq: PEUGX, PEUBX, PEUMX) Putnam Florida Tax Exempt Income Fund (Nasdaq: PTFLX, PFLBX) Putnam Fund for Growth and Income (Nasdaq: PGRWX, PGIBX, PGRIX, PGRMX) George Putnam Fund of Boston (Nasdaq: PGEOX, PGEBX, PGPCX, PGEMX) Putnam Global Equity Fund (Nasdaq: PEQUX, PEQBX, PUGCX, PEQMX) Putnam Global Income Trust (Nasdaq: PGGIX, PGLBX, PGGMX) Putnam Global Natural Resources Fund (Nasdaq: EBERX, PNRBX, PGLMX) Putnam Growth Opportunities Fund (Nasdaq: POGAX, POGBX, POGCX, PGOMX) Putnam Health Sciences Trust (Nasdaq: PHSTX, PHSBX, PCHSX, PHLMX) Putnam High Yield Advantage Fund (Nasdaq: PHYIX, PHYBX, PHYMX) Putnam High Yield Trust (Nasdaq: PHIGX, PHBBX, PCHYX, PHIMX) Putnam Income Fund (Nasdaq: PINCX, PNCBX, PUICX, PNCMX) Putnam Intermediate U.S. Government Income Fund (Nasdaq: PBLGX, PBGBX, PVICX) Putnam International Capital Opportunities Fund (Nasdaq: PNVAX, PVNBX, PUVCX, PIVMX) Putnam International Equity Fund (Nasdaq: POVSX, POVBX, PIGCX, POVMX) Putnam International Growth and Income Fund (Nasdaq: PNGAX, PGNBX, PIGRX, PIGMX) Putnam International New Opportunities Fund (Nasdaq: PINOX, PINWX, PIOCX, PINMX) Putnam Investors Fund (Nasdaq: PINVX, PNVBX, PCINX, PNVMX) Putnam Massachusetts Tax Exempt Income Fund (Nasdaq: PXMAX, PMABX) Putnam Michigan Tax Exempt Income Fund (Nasdaq: PXIMX, PMEBX) Putnam Mid Cap Value Fund (Nasdaq: PMVAX, PMVBX, PMPCX) Putnam Minnesota Tax Exempt Income Fund (Nasdaq: PXMNX, PMTBX) Putnam Money Market Fund (Nasdaq: PDDXX, PTBXX, PFCXX, PTMXX) Putnam Municipal Income Fund (Nasdaq: PTFHX, PFHBX, PMUMX) Putnam New Jersey Tax Exempt Income Fund (Nasdaq: PTNJX, PNJBX) Putnam New Opportunities Fund (Nasdaq: PNOPX, PNOBX, PNOMX) Putnam New Value Fund (Nasdaq: PANVX, PBNVX, PNVCX, PMNVX) Putnam New York Tax Exempt Income Fund (Nasdaq: PTEIX, PEIBX) Putnam New York Tax Exempt Opportunities Fund (Nasdaq: PTNHX, PTNBX, PNYMX) Putnam OTC & Emerging Growth Fund (Nasdaq: POEGX, POTBX, POEXC, POEMX) Putnam Ohio Tax Exempt Income Fund (Nasdaq: PHOHX, POXBX) Putnam Pennsylvania Tax Exempt Income Fund (Nasdaq: PTEPX, PPNBX) Putnam Research Fund (Nasdaq: PNRAX, PRFBX, PRACX) Putnam Small Cap Growth Fund (Nasdaq: PNSAX) Putnam Small Cap Value Fund (Nasdaq: PSLAX, PSLBX, PSLCX, PSLMX) Putnam Tax Exempt Income Fund (Nasdaq: PTAEX, PTBEX, PTXMX) Putnam Tax Exempt Money Market Fund (Nasdaq: PTXXX) Putnam Tax Smart Equity Fund (Nasdaq: PATSX, PBTSX, PCSMX) Putnam Tax-Free High Yield Fund (Nasdaq: PTHAX, PTHYX, PTYMX) Putnam Tax-Free Insured Fund (Nasdaq: PPNAX, PTFIX) Putnam U.S. Government Income Trust (Nasdaq: PGSIX, PGSBX, PGVCX, PGSMX) Putnam Utilities Growth and Income Fund (Nasdaq: PUGIX, PUTBX, PUTMX) Putnam Vista Fund (Nasdaq: PVISX, PVTBX, PCVFX, PVIMX) Putnam Voyager Fund (Nasdaq: PVOYX, PVOBX, PVFCX, PVOMX)
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; Sections 36(a) and 36(b) of the Investment Company Act of 1940, as well as common law fiduciary duties. Specifically, the Complaint charges that throughout the Class Period, defendants failed to disclose that they improperly allowed certain investors (the John Doe defendants) to engage in the "timing" of their transactions in the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by the Funds. In return for receiving extra fees defendants allowed the John Doe defendants to engage in timing, to the detriment of class members, who paid, dollar for dollar, for the favored investors' improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing.
If you purchased Putnam Funds during the Class Period, you may, no later than December 22, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained substantial losses in Putnam Funds during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca