PHILADELPHIA, Jan. 7, 2004 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit was commenced in the United States District Court for the District of Massachusetts on behalf of purchasers, redeemers and holders of shares of Massachusetts Financial Services Company ("MFS Mutual Funds" or the "Company"), a subsidiary of Sun Life Financial, Inc. (NYSE:SLF) between December 15, 1998 through December 8, 2003, inclusive (the "Class Period").
The following MFS Mutual Funds are subject to this lawsuit:
MFS Capital Opportunities Fund (Nasdaq: MCOFX, MCOBX, MCOCX, MFCRX,
MCOTX, EACOX, EBCOX, ECCOX)
MFS Core Growth Fund (Nasdaq: MFCAX, MFCBX, MFCCX, MCFRX, MCRRX)
MFS Emerging Growth Fund (Nasdaq: MEGRX, MEGBX, MFECX, MFERX, MEGRX,
EAGRX, EBEGX, ECEGX)
MFS Growth Opportunities Fund (Nasdaq: MGOFX, MGOBX)
MFS Large Cap Growth Fund (Nasdaq: MCGAX, MCGBX)
MFS Managed Sectors Fund (Nasdaq: MMNSX - News, MSEBX, MMNCX)
MFS Mid Cap Growth Fund (Nasdaq: OTCAX, OTCBX, OTCCX, MMCRX, MCPRX,
EAMCX, EBCGX, ECGRX)
MFS New Discovery Fund (Nasdaq: MNDAX, MNDBX, MNDCX, MFNRX, MNDRX,
EANDX, EBNDX, ECNDX)
MFS New Endeavor Fund (Nasdaq: MECAX, MECBX, MECCX, MNERX, MENRX)
MFS Research Fund (Nasdaq: MFRFX, MFRBX, MFRCX, MFRRX, MSRRX, EARFX,
EBRFX, ECRFX)
MFS Strategic Growth Fund (Nasdaq: MFSGX, MSBGX, MFGCX, MSGRX, MSTRX,
EASGX, EBSGX, ECSGX)
MFS Technology Fund (Nasdaq: MTCAX, MTCBX, MTCCX, MTQRX, MTERX)
Massachusetts Investors Growth Stock (Nasdaq: MIGFX, MIGBX, MIGDX,
MIGRX, MIRGX, EISTX, EMIVX, EMICX)
MFS Mid Cap Value Fund (Nasdaq: MVCAX, MCBVX, MVCCX, MMVRX, MCVRX,
EACVX, EBCVX, ECCVX)
MFS Research Growth and Income Fund (Nasdaq: MRGAX, MRGBX, MRGCX,
MGIRX, MRERX)
MFS Strategic Value Fund (Nasdaq: MSVTX, MQSVX, MSVRX, MVSRX, EASVX,
EBSVX, ECSVX)
MFS Total Return Fund (Nasdaq: MSFRX, MTRBX, MTRCX, MFTRX, MTRRX,
EATRX,
EBTRX, ECTRX)
MFS Union Standard Equity Fund (Nasdaq: MUEAX, MUSBX, MUECX)
MFS Utilities Fund (Nasdaq: MMUFX, MMUBX, MMUCX, MMURX, MURRX)
MFS Value Fund (Nasdaq: MEIAX, MFEBX, MEICX, MFVRX, MVRRX, EAVLX,
EBVLX, ECVLX)
Massachusetts Investors Trust (Nasdaq: MITTX, MITBX, MITCX, MITRX,
MIRTX, EAMTX,
EBMTX, ECITX)
MFS Aggressive Growth Allocation Fund (Nasdaq: MAAGX, MBAGX, MCAGX,
MAARX,
MAWAX, EAGTX, EBAAX, ECAAX)
MFS Conservative Allocation Fund (Nasdaq: MACFX, MACBX, MACVX, MACRX,
MCARX,
ECLAX, EBCAX, ECACX)
MFS Growth Allocation Fund (Nasdaq: MAGWX, MBGWX, MCGWX, MGARX,
MGALX,
EAGWX, EBGWX, ECGWX)
MFS Moderate Allocation Fund (Nasdaq: MAMAX, MMABX, MMACX, MAMRX,
MARRX,
EAMDX, EBMDX, ECMAX)
MFS Bond Fund (Nasdaq: MFBFX, MFBBX, MFBCX, MFBRX, MBRRX, EABDX,
EBBDX, ECBDX)
MFS Emerging Markets Debt Fund (Nasdaq: MEDAX, MEDBX, MEDCX)
MFS Government Limited Maturity Fund (Nasdaq: MGLFX, MGLBX, MGLCX)
MFS Government Mortgage Fund (Nasdaq: MGMTX, MGTBX)
MFS Government Securities Fund (Nasdaq: MFGSX, MFGBX, MFGDX, MGSRX,
MGVSX, EAGSX, EBGSX, ECGSX)
MFS High Income Fund (Nasdaq: MHITX, MHIBX, MHICX, EAHIX, EMHBX,
EMHCX, MHIIX, MHIRX)
MFS High Yield Opportunities Fund (Nasdaq: MHOAX, MHOBX, MHOCX,
MHOIX)
MFS Intermediate Investment Grade Bond Fund (Nasdaq: MGBFX, MGBVX,
MGBCX, MGBEX, MIBR)
MFS Limited Maturity Fund (Nasdaq: MQLFX, MQLBX, MQLCX, EALMX, EBLMX,
ELDCX, MLDRX)
MFS Research Bond Fund (Nasdaq: MRBFX, MRBBX, MRBCX, EARBX, EBRBX,
ECRBX, MRBIX, MRBRX)
MFS Strategic Income Fund (Nasdaq: MFIOX, MIOBX, MIOCX, MFIIX)
MFS Alabama Municipal Bond Fund (Nasdaq: MFALX, MBABX)
MFS Arkansas Municipal Bond Fund (Nasdaq: MFARX, MBARX)
MFS California Municipal Bond Fund (Nasdaq: MCFTX, MBCAX, MCCAX)
MFS Florida Municipal Bond Fund (Nasdaq: MFFLX, MBFLX)
MFS Georgia Municipal Bond Fund (Nasdaq: MMGAX, MBGAX)
MFS Maryland Municipal Bond Fund (Nasdaq: MFSMX, MBMDX)
MFS Massachusetts Municipal Bond Fund (Nasdaq: MFSSX, MBMAX)
MFS Mississippi Municipal Bond Fund (Nasdaq: MISSX, MBMSX)
MFS Municipal Bond Fund (Nasdaq: MMBFX, MMBBX)
MFS Municipal Limited Maturity Fund (Nasdaq: MTLFX, MTLBX, MTLCX)
MFS New York Municipal Bond Fund (Nasdaq: MSNYX, MBNYX, MCNYX)
MFS North Carolina Municipal Bond Fund (Nasdaq: MSNCX, MBNCX, MCNCX)
MFS Pennsylvania Municipal Bond Fund (Nasdaq: MFPAX, MBPAX)
MFS South Carolina Municipal Bond Fund (Nasdaq: MFSCX, MBSCX)
MFS Tennessee Municipal Bond Fund (Nasdaq: MSTNX, MBTNX)
MFS Virginia Municipal Bond Fund (Nasdaq: MSVAX, MBVAX, MVACX)
MFS West Virginia Municipal Bond Fund (Nasdaq: MFWVX, MBWVX)
MFS Emerging Markets Equity Fund (Nasdaq: MEMAX, MEMBX, MEMCX, MEMIX)
MFS Global Equity Fund (Nasdaq: MWEFX, MWEBX, MWECX, MWEIX, MGERX)
MFS Global Growth Fund (Nasdaq: MWOFX, MWOBX, MWOCX, MWOIX, MGLRX)
MFS Global Total Return Fund (Nasdaq: MFWTX, MFWBX, MFWCX, MFWIX,
MGRRX)
MFS International Growth Fund (Nasdaq: MGRAX, MGRBX, MGRCX, MQGIX)
MFS International New Discovery Fund (Nasdaq: MIDAX, MIDBX, MIDCX,
EAIDX, EBIDX, ECIDX, MWNIX, MINRX)
MFS International Value Fund (Nasdaq: MGIAX, MGIBX, MGICX, MINIX)
MFS Research International Fund (Nasdaq: MRSAX, MRIBX, MRICX, EARSX,
EBRIX, ECRIX, MRSIX, MRIRX)
The Complaint charges MFS Mutual Funds and others with violating the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and with common law breach of fiduciary duties. Specifically, the Complaint alleges that during the Class Period the defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the MFS Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including the Doe Defendants, to illegally engage in "timing" of the MFS Mutual 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 MFS Mutual Funds' prospectuses.
If you purchased shares of mutual funds managed by MFS Mutual Funds during the Class Period, you may, no later than February 9, 2004, 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 MFS Mutual 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