CHICAGO, Feb. 5, 2004 (PRIMEZONE) -- The deadline for investors in MFS Mutual Funds to move for lead plaintiff in a securities fraud class action pending in the United States District Court for the District of Massachusetts is rapidly approaching. If you purchased, held, or redeemed the funds set forth below (the "Funds") between December 15, 1998 and December 8, 2003, inclusive ("Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the court where it has been filed by February 9, 2004.
The Funds that are the subject of this suit and their symbols are as follows:
MFS Capital Opportunities Fund (Nasdaq:MCOFX), (Nasdaq:MCOBX), (Nasdaq:MCOCX), (Nasdaq:MFCRX), (Nasdaq:MCOTX), (Nasdaq:EACOX), (Nasdaq:EBCOX), (Nasdaq:ECCOX)
MFS Core Growth Fund (Nasdaq:MFCAX), (Nasdaq:MFCBX), (Nasdaq:MFCCX), (Nasdaq:MCFRX), (Nasdaq:MCRRX)
MFS Emerging Growth Fund (Nasdaq:MFEGX), (Nasdaq:MEGBX), (Nasdaq:MFECX), (Nasdaq:MFERX), (Nasdaq:MEGRX), (Nasdaq:EAGRX), (Nasdaq:EBEGX), (Nasdaq:ECEGX)
MFS Growth Opportunities Fund (Nasdaq:MGOFX), (Nasdaq:MGOBX)
MFS Large Cap Growth Fund (Nasdaq:MCGAX), (Nasdaq:MCGBX)
MFS Managed Sectors Fund (Nasdaq:MMNSX), (Nasdaq:MSEBX), (Nasdaq:MMNCX)
MFS Mid Cap Growth Fund (Nasdaq:OTCAX), (Nasdaq:OTCBX), (Nasdaq:OTCCX), (Nasdaq:MMCRX), (Nasdaq:MCPRX), (Nasdaq:EAMCX), (Nasdaq:EBCGX), (Nasdaq:ECGRX)
MFS New Discovery Fund (Nasdaq:MNDAX), (Nasdaq:MNDBX), (Nasdaq:MNDCX), (Nasdaq:MFNRX), (Nasdaq:MNDRX), (Nasdaq:EANDX), (Nasdaq:EBNDX), (Nasdaq:ECNDX)
MFS New Endeavor Fund (Nasdaq:MECAX), (Nasdaq:MECBX), (Nasdaq:MECCX), (Nasdaq:MNERX), (Nasdaq:MENRX)
MFS Research Fund (Nasdaq:MFRFX), (Nasdaq:MFRBX), (Nasdaq:MFRCX), (Nasdaq:MFRRX), (Nasdaq:MSRRX), (Nasdaq:EARFX), (Nasdaq:EBRFX), (Nasdaq:ECRFX)
MFS Strategic Growth Fund (Nasdaq:MFSGX), (Nasdaq:MSBGX), (Nasdaq:MFGCX), (Nasdaq:MSGRX), (Nasdaq:MSTRX), (Nasdaq:EASGX), (Nasdaq:EBSGX), (Nasdaq:ECSGX)
MFS Technology Fund (Nasdaq:MTCAX), (Nasdaq:MTCBX), (Nasdaq:MTCCX), (Nasdaq:MTQRX), (Nasdaq:MTERX)
Massachusetts Investors Growth Stock (Nasdaq:MIGFX), (Nasdaq:MIGBX), (Nasdaq:MIGDX), (Nasdaq:MIGRX), (Nasdaq:MIRGX), (Nasdaq:EISTX), (Nasdaq:EMIVX), (Nasdaq:EMICX)
MFS Mid Cap Value Fund (Nasdaq:MVCAX), (Nasdaq:MCBVX), (Nasdaq:MVCCX), (Nasdaq:MMVRX), (Nasdaq:MCVRX), (Nasdaq:EACVX), (Nasdaq:EBCVX), (Nasdaq:ECCVX)
MFS Research Growth and Income Fund (Nasdaq:MRGAX), (Nasdaq:MRGBX), (Nasdaq:MRGCX), (Nasdaq:MGIRX), (Nasdaq:MRERX)
MFS Strategic Value Fund (Nasdaq:MSVTX), (Nasdaq:MSVLX), (Nasdaq:MQSVX), (Nasdaq:MSVRX), (Nasdaq:MVSRX), (Nasdaq:EASVX), (Nasdaq:EBSVX), (Nasdaq:ECSVX)
MFS Total Return Fund (Nasdaq:MSFRX), (Nasdaq:MTRBX), (Nasdaq:MTRCX), (Nasdaq:MFTRX), (Nasdaq:MTRRX), (Nasdaq:EATRX), (Nasdaq:EBTRX), (Nasdaq:ECTRX)
MFS Union Standard Equity Fund (Nasdaq:MUEAX), (Nasdaq:MUSBX), (Nasdaq:MUECX)
MFS Utilities Fund (Nasdaq:MMUFX), (Nasdaq:MMUBX), (Nasdaq:MMUCX), (Nasdaq:MMURX), (Nasdaq:MURRX)
MFS Value Fund (Nasdaq:MEIAX), (Nasdaq:MFEBX), (Nasdaq:MEICX), (Nasdaq:MFVRX), (Nasdaq:MVRRX), (Nasdaq:EAVLX), (Nasdaq:EBVLX), (Nasdaq:ECVLX)
Massachusetts Investors Trust (Nasdaq:MITTX), (Nasdaq:MITBX), (Nasdaq:MITCX), (Nasdaq:MITRX), (Nasdaq:MIRTX), (Nasdaq:EAMTX), (Nasdaq:EBMTX), (Nasdaq:ECITX)
MFS Aggressive Growth Allocation Fund (Nasdaq:MAAGX), (Nasdaq:MBAGX), (Nasdaq:MCAGX), (Nasdaq:MAARX), (Nasdaq:MAWAX), (Nasdaq:EAGTX), (Nasdaq:EBAAX), (Nasdaq:ECAAX)
MFS Conservative Allocation Fund (Nasdaq:MACFX), (Nasdaq:MACBX), (Nasdaq:MACVX), (Nasdaq:MACRX), (Nasdaq:MCARX), (Nasdaq:ECLAX), (Nasdaq:EBCAX), (Nasdaq:ECACX)
MFS Growth Allocation Fund (Nasdaq:MAGWX), (Nasdaq:MBGWX), (Nasdaq:MCGWX), (Nasdaq:MGARX), (Nasdaq:MGALX), (Nasdaq:EAGWX), (Nasdaq:EBGWX), (Nasdaq:ECGWX)
MFS Moderate Allocation Fund (Nasdaq:MAMAX), (Nasdaq:MMABX), (Nasdaq:MMACX), (Nasdaq:MAMRX), (Nasdaq:MARRX), (Nasdaq:EAMDX), (Nasdaq:EBMDX), (Nasdaq:ECMAX)
MFS Bond Fund (Nasdaq:MFBFX), (Nasdaq:MFBBX), (Nasdaq:MFBCX), (Nasdaq:MFBRX), (Nasdaq:MBRRX), (Nasdaq:EABDX), (Nasdaq:EBBDX), (Nasdaq:ECBDX)
MFS Emerging Markets Debt Fund (Nasdaq:MEDAX), (Nasdaq:MEDBX), (Nasdaq:MEDCX)
MFS Government Limited Maturity Fund (Nasdaq:MGLFX), (Nasdaq:MGLBX), (Nasdaq:MGLCX)
MFS Government Mortgage Fund (Nasdaq:MGMTX), (Nasdaq:MGTBX)
MFS Government Securities Fund (Nasdaq:MFGSX), (Nasdaq:MFGBX), (Nasdaq:MFGDX), (Nasdaq:MGSRX), (Nasdaq:MGVSX), (Nasdaq:EAGSX), (Nasdaq:EBGSX), (Nasdaq:ECGSX)
MFS High Income Fund (Nasdaq:MHITX), (Nasdaq:MHIBX), (Nasdaq:MHICX), (Nasdaq:EAHIX), (Nasdaq:EMHBX), (Nasdaq:EMHCX; (Nasdaq:MHIIX), (Nasdaq:MHIRX)
MFS High Yield Opportunities Fund (Nasdaq:MHOAX), (Nasdaq:MHOBX), (Nasdaq:MHOCX), (Nasdaq:MHOIX)
MFS Intermediate Investment Grade Bond Fund (Nasdaq:MGBFX), (Nasdaq:MGBVX), (Nasdaq:MGBCX), (Nasdaq:MGBEX), (Nasdaq:MIBRX)
MFS Limited Maturity Fund (Nasdaq:MQLFX) (Nasdaq:MQLBX), (Nasdaq:MQLCX), (Nasdaq:EALMX), (Nasdaq:EBLMX), (Nasdaq:ELDCX), (Nasdaq:MLDRX)
MFS Research Bond Fund (Nasdaq:MRBFX), (Nasdaq:MRBBX), (Nasdaq:MRBCX), (Nasdaq:EARBX), (Nasdaq:EBRBX), (Nasdaq:ECRBX), (Nasdaq:MRBIX), (Nasdaq:MRBRX)
MFS Strategic Income Fund (Nasdaq:MFIOX), (Nasdaq:MIOBX), (Nasdaq:MIOCX), (Nasdaq:MFIIX)
MFS Alabama Municipal Bond Fund (Nasdaq:MFALX), (Nasdaq:MBABX)
MFS Arkansas Municipal Bond Fund (Nasdaq:MFARX), (Nasdaq:MBARX)
MFS California Municipal Bond Fund (Nasdaq:MCFTX), (Nasdaq:MBCAX), (Nasdaq:MCCAX)
MFS Florida Municipal Bond Fund (Nasdaq:MFFLX), (Nasdaq:MBFLX)
MFS Georgia Municipal Bond Fund (Nasdaq:MMGAX), (Nasdaq:MBGAX)
MFS Maryland Municipal Bond Fund (Nasdaq:MFSMX), (Nasdaq:MBMDX)
MFS Massachusetts Municipal Bond Fund (Nasdaq:MFSSX), (Nasdaq:MBMAX)
MFS Mississippi Municipal Bond Fund (Nasdaq:MISSX), (Nasdaq:MBMSX),
MFS Municipal Bond Fund (Nasdaq:MMBFX), (Nasdaq:MMBBX)
MFS Municipal Limited Maturity Fund (Nasdaq:MTLFX), (Nasdaq:MTLBX), (Nasdaq:MTLCX)
MFS New York Municipal Bond Fund (Nasdaq:MSNYX), (Nasdaq:MBNYX), (Nasdaq:MCNYX)
MFS North Carolina Municipal Bond Fund (Nasdaq:MSNCX), (Nasdaq:MBNCX), (Nasdaq:MCNCX)
MFS Pennsylvania Municipal Bond Fund (Nasdaq:MFPAX), (Nasdaq:MBPAX)
MFS South Carolina Municipal Bond Fund (Nasdaq:MFSCX), (Nasdaq:MBSCX)
MFS Tennessee Municipal Bond Fund (Nasdaq:MSTNX), (Nasdaq:MBTNX)
MFS Virginia Municipal Bond Fund (Nasdaq:MSVAX), (Nasdaq:MBVAX), (Nasdaq:MVACX)
MFS West Virginia Municipal Bond Fund (Nasdaq:MFWVX), (Nasdaq:MBWVX)
MFS Emerging Markets Equity Fund (Nasdaq:MEMAX), (Nasdaq:MEMBX), (Nasdaq:MEMCX), (Nasdaq:MEMIX)
MFS Global Equity Fund (Nasdaq:MWEFX), (Nasdaq:MWEBX), (Nasdaq:MWECX), (Nasdaq:MWEIX), (Nasdaq:MGERX)
MFS Global Growth Fund (Nasdaq:MWOFX), (Nasdaq:MWOBX), (Nasdaq:MWOCX), (Nasdaq:MWOIX), (Nasdaq:MGLRX)
MFS Global Total Return Fund (Nasdaq:MFWTX), (Nasdaq:MFWBX), (Nasdaq:MFWCX), (Nasdaq:MFWIX), (Nasdaq:MGRRX)
MFS International Growth Fund (Nasdaq:MGRAX), (Nasdaq:MGRBX), (Nasdaq:MGRCX), (Nasdaq:MQGIX)
MFS International New Discovery Fund (Nasdaq:MIDAX), (Nasdaq:MIDBX), (Nasdaq:MIDCX), (Nasdaq:EAIDX), (Nasdaq:EBIDX), (Nasdaq:ECIDX), (Nasdaq:MWNIX), (Nasdaq:MINRX)
MFS International Value Fund (Nasdaq:MGIAX), (Nasdaq:MGIBX), (Nasdaq:MGICX), (Nasdaq:MINIX)
MFS Research International Fund (Nasdaq:MRSAX), (Nasdaq:MRIBX), (Nasdaq:MRICX), (Nasdaq:EARSX), (Nasdaq:EBRIX), (Nasdaq:ECRIX), (Nasdaq:MRSIX), (Nasdaq:MRIRX)
The Complaint filed by Much Shelist charges Massachusetts Financial Services Company, MFS Investment Management, Sun Life Financial, Inc. MFS Series Trust I, MFS Series Trust II, MFS Series Trust III, MFS Series Trust IV, MFS Series Trust V, MFS Series Trust VI, MFS Series Trust VII, MFS Series Trust VIII, MFS Series Trust IX, MFS Series Trust X, MFS Series Trust XI, MFS Mutual Funds, and the Doe Defendants 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.
If you wish to discuss your rights and interests, or if you have information relevant to the lawsuit, you may contact Carol V. Gilden or Louis A. Kessler at Much Shelist Freed Denenberg Ament & Rubenstein, P.C., by calling a toll-free number 1-800-470-6824, or by sending an e-mail to investorhelp@muchshelist.com. Your e-mail should refer to MFS.
Specifically, Much Shelist's complaint alleges that during the Class Period, defendants failed to disclose that they improperly allowed certain favored investors, including the Doe defendants, to engage in the "market timing" of their transactions in the Funds. Market timing is short term, arbitrage trading that exploits inefficiencies in the way mutual funds are priced. Market timing injures long term mutual fund investors, who are not allowed to engage in such practices, by, among other things, diluting the profits they would otherwise receive and concentrating their losses. According to the Complaint, favored investors were allowed to market time their transactions despite specific restrictions on these practices in the prospectuses of the Funds.
If you purchased, held or redeemed the Funds during the Class Period and if you meet certain other legal requirements, you may file a motion in the court where the lawsuit has been filed to serve as a lead plaintiff. You must file your motion no later than February 9, 2004.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. The requirements for serving as a lead plaintiff are set forth in the Private Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
Much Shelist's history is one of experience, leadership and results. For more than 25 years, Much Shelist has represented plaintiffs in class action litigation in federal and state courts across the United States. The firm has successfully prosecuted cases involving securities fraud, antitrust violations, consumer fraud, unlawful business practices and insurance company fraud. Under Much Shelist's leadership, class members have obtained judgments and settlements in excess of $4 billion.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca