BOCA RATON, Fla., Dec. 1, 2003 (PRIMEZONE) -- Klayman & Toskes, P.A. ("K&T") (http://www.nasd-law.com), 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 individual and institutional investors who invested in the Morgan Stanley ("MSDW") and Van Kampen family of funds (Nasdaq: SMPBX, SMPAX, CPOBX, CPOAX, IFOBX) between October 1, 1999 and December 31, 2002.
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, Rule 10b-5 and Section 206 of the Investment Advisers Act of 1940. The complaint charges that defendants engaged in an unlawful and deceitful course of conduct including failure to properly disclose that Morgan Stanley had been aggressively pushing its sales personnel to sell Morgan Stanley and Van Kampen funds, instead of mutual funds owned and managed by other companies. This was done through internal contests offering various prizes to brokers who sold the most in proprietary funds. The complaint also alleged that the advisors to the funds paid excessive commissions, directly or indirectly, to MSDW, the broker dealer, which came directly out of the funds' assets, as payment to MSDW for its steering clients towards Morgan Stanley's proprietary funds, including the Van Kampen funds. Morgan Stanley is the parent of all defendants bearing the Van Kampen name.
If you purchased any Morgan Stanley or Van Kampen family of funds through Morgan Stanley between October 1, 1999 and December 31, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than December 19, 2003. Any member of the purported class may move the Court to serve as lead plaintiff through K&T or other counsel of their choice, or may choose to do nothing and remain an absent class member.
K & T has offices in California, Florida and New York and represents investors throughout the nation. If you wish to discuss this announcement or have relevant information, please contact Lawrence L. Klayman, of K&T at 888-997-9956 or visit us on our website at http://www.nasd-law.com.