BALA CYNWYD, Pa., Dec. 5, 2003 (PRIMEZONE) -- The law firm of Schiffrin & Barroway, LLP announces that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all purchasers, redeemers and holders of shares of Alger Capital Appreciation Institutional Fund (NASDAQ: ALARX) (NASDAQ: ACARX), Alger Balanced Institutional Fund (NASDAQ: ABLRX) (NASDAQ: ABIRX), Alger Socially Responsible Growth Institutional Fund (NASDAQ: ASRGX) (NASDAQ: ASRRX), Spectra Fund (NASDAQ: SPEAX) (NASDAQ: SPECX), and other Fred Alger Mutual Funds (the "Fred Alger Funds") from November 1, 1998 through September 3, 2003, inclusive (the "Class Period").
The following funds are subject to the above class action lawsuit:
Alger SmallCap Portfolio (NASDAQ: ALSAX) (NASDAQ: ALSCX) (NASDAQ: AGSCX) Alger SmallCap and MidCap Portfolio (NASDAQ: ALMAX) (NASDAQ: ALMBX) (NASDAQ: ALMCX) Alger MidCap Growth Portfolio (NASDAQ: AMGAX) (NASDAQ: AMCGX) (NASDAQ: AMGCX) Alger LargeCap Growth Portfolio (NASDAQ: ALGAX) (NASDAQ: AFGPX) (NASDAQ: ALGCX) Alger Capital Appreciation Portfolio (NASDAQ: ACAAX) (NASDAQ: ACAPX) (NASDAQ: ALCCX) Alger Health Sciences Portfolio (NASDAQ: AHSAX) (NASDAQ: AHSBX) (NASDAQ: AHSCX) Alger Balanced Portfolio (NASDAQ: ALBAX) (NASDAQ: ALGBX) (NASDAQ: ALBCX) Alger Small Cap Institutional Fund (NASDAQ: ALSRX) (NASDAQ: ASIRX) Alger MidCap Institutional Fund (NASDAQ: ALMRX) (NASDAQ: AGIRX) Alger LargeCap Growth Institutional Fund (NASDAQ: ALGRX) (NASDAQ: ALGIX) Alger Capital Appreciation Institutional Fund (NASDAQ: ALARX) (NASDAQ: ACARX) Alger Balanced Institutional Fund (NASDAQ: ABLRX) (NASDAQ: ABIRX) Alger Socially Responsible Growth Institutional Fund (NASDAQ: ASRGX) (NASDAQ: ASRRX) Spectra Fund (NASDAQ: SPEAX) (NASDAQ: SPECX)
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbclasslaw.com.
The complaint charges Fred Alger Management Inc., the Alger Fund, James Patrick Connelly Jr., the Fred Alger Funds, Veras Investment Partners, LLP, and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the Fred Alger Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Fred Alger Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the Fred Alger Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the Fred Alger Funds' prospectuses.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered in excess of a billion dollars on behalf of institutional and high net worth individual investors. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com.
If you are a member of the class described above, you may, not later than January 5, 2004, move the Court to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.