BALTIMORE, Nov. 15, 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 Eastern District of Pennsylvania on behalf of all purchasers of shares of the PBHG family of funds ("the PBHG Mutual Funds") managed by Pilgrim Baxter & Associates, Ltd. during the period between November 13, 1998 and November 13, 2003, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Investment Company Act of 1940.
The Funds and the symbols for the respective Funds subject to the lawsuit are as follows:
-- PBHG Growth Fund (Nasdaq: PBHGX)
-- PBHG Emerging Growth Fund (Nasdaq: PBEGX)
-- PBHG Large Cap Growth Fund (Nasdaq: PBHLX)
-- PBHG Select Growth Fund (Nasdaq: PBHEX; formally known
as PBHG Select Equity Fund (Nasdaq: PBHEX))
-- PBHG Focused Fund (Nasdaq: PBFVX; formally known as
PBHG Focused Value Fund (Nasdaq: PBFVX))
-- PBHG Large Cap Fund (Nasdaq: PLCVX; formally known as
PBHG Large Value Fund (Nasdaq: PLCVX))
-- PBHG Large Cap 20 Fund (Nasdaq: PLCPX)
-- PBHG Strategic Small Company Fund (Nasdaq: PSSCX)
-- PBHG Disciplined Equity Fund (Nasdaq: PBDEX)
-- PBHG Mid-Cap Fund (Nasdaq: PBMCX; formally known as
PBHG Mid-Cap Value Fund (Nasdaq: PBMCX))
-- PBHG Small Cap Fund (Nasdaq: PBSVX - News; formally known as
PBHG Small Cap Value Fund (Nasdaq: PBSVX))
-- PBHG Clipper Focus Fund (Nasdaq: PBFOX)
-- PBHG Small Cap Value Fund (formally known as TS&W Small Cap
Value Fund, LLC) (Nasdaq: PSMVX)
-- PBHG REIT Fund (Nasdaq: PBRTX)
-- PBHG Technology & Communications Fund (Nasdaq: PBTCX)
-- PBHG IRA Capital Preservation Fund (Nasdaq: PBCPX)
-- PBHG Intermediate Fixed Income Fund (Nasdaq: PAFIX)
-- PBHG Cash Reserves Fund (Nasdaq: PBFIX)
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 lawsuit. Until a class is certified, you are not represented unless you retain an attorney. If you are a member of the proposed class, meaning you are one who purchased any of the mutual funds referenced herein during the Class Period, you may be eligible to serve as a plaintiff. To be a member of the class, if certified, you need not take any action at this time. You may retain counsel of your choice. If you bought shares of any of the funds between November 13, 1998 and November 13, 2003, inclusive, and you wish to serve as lead plaintiff, a motion must be filed with the Court no later than January 13, 2004.
If you are one who purchased any of the mutual funds referenced above during the Class Period 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.