LOS ANGELES, Feb. 13, 2004 (PRIMEZONE) -- Notice is hereby given by Glancy Binkow & Goldberg LLP that a Class Action lawsuit was filed in the United States District Court for the Northern District of California on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired mutual funds in the Franklin family of funds (the "Funds"), operated by Franklin Resources, Inc. (NYSE:BEN) and its subsidiaries, between February 6, 1999 and February 4, 2004, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges, among others, Franklin Resources Inc. and certain of its affiliates, Security Brokerage Inc. ("SBI"), Daniel G. Calugar ("Calugar") and DCIP, L.P. ("DCIP") with violations of federal securities laws. The complaint alleges that during the Class Period certain of the defendants failed to disclose that they improperly allowed certain favored investors, including Calugar, SBI and DCIP, to engage in "market timing" - short-term, in-and-out trading of the Funds' securities - to the detriment of other Franklin Funds investors who paid, dollar-for-dollar, for the improper profits made by Calugar, SBI, and DCIP. The complaint alleges that these improper practices were undisclosed in the Funds' prospectuses, which represented that the Funds actively deter "timing."
The Funds, and the symbols for the respective Funds named below, are as follows:
Franklin Templeton CoreFolio Allocation Fund (Nasdaq: FTCOX)
Franklin Templeton Founding Funds Allocation Fund (Nasdaq: FFALX), (Nasdaq: FFABX), (Nasdaq: FFACX)
Franklin Templeton Growth Target Fund (Nasdaq: FGTIX), (Nasdaq: FTGTX), (Nasdaq: FGTRX)
Franklin Templeton Hard Currency Fund (Nasdaq: ICPHX)
Franklin Templeton Moderate Target Fund (Nasdaq: FMTIX), (Nasdaq: FTMTX), (Nasdaq: FTMRX)
Franklin Templeton Money Fund (Nasdaq: FMBXX), (Nasdaq: FRIXX), (Nasdaq: FMRXX)
Franklin Tennessee Municipal Bond Fund (Nasdaq: FRTIX)
Franklin Texas Tax-Free Income Fund (Nasdaq: FTXTX), (Nasdaq: FTXIX)
Franklin Total Return Fund (Nasdaq: FKBAX), (Nasdaq: FBDAX), (Nasdaq: FBTLX), (Nasdaq: FCTLX), (Nasdaq: FTRRX)
Franklin U.S. Government Securities Fund (Nasdaq: FKUSX), (Nasdaq: FUSAX), (Nasdaq: FUGBX), (Nasdaq: FRUGX), (Nasdaq: FUSRX)
Franklin U.S. Long-Short Fund (Nasdaq: FUSLX)
Franklin Utilities Fund (Nasdaq: FKUTX), (Nasdaq: FRUAX), (Nasdaq: FRUBX), (Nasdaq: FRUSX), (Nasdaq: FRURX)
Franklin Virginia Tax-Free Income Fund (Nasdaq: FRVAX), (Nasdaq: FVAIX)
Templeton China World Fund (Nasdaq: TCWAX), (Nasdaq: TACWX)
Templeton Developing Markets Trust (Nasdaq: TEDMX), (Nasdaq: TDADX), (Nasdaq: TDMBX), (Nasdaq: TDMTX), (Nasdaq: TDMRX)
Templeton Foreign Fund (Nasdaq: TEMFX), (Nasdaq: TFFAX), (Nasdaq: TFRBX), (Nasdaq: TEFTX), (Nasdaq: TEFRX)
Templeton Foreign Smaller Companies Fund (Nasdaq: FINEX), (Nasdaq: FTFAX), (Nasdaq: FCFSX)
Templeton Global Bond Fund (Nasdaq: TPINX), (Nasdaq: TGBAX), (Nasdaq: TEGBX)
Templeton Global Long-Short Fund (Nasdaq: TLSAX), (Nasdaq: TLSBX)
Templeton Global Smaller Companies Fund), (Nasdaq: Inc. (Nasdaq: TEMGX), (Nasdaq: TGSAX. TESGX)
Templeton Growth Fund), (Nasdaq: TEPLX), (Nasdaq: TGADX), (Nasdaq: TMGBX), (Nasdaq: TEGTX), (Nasdaq: TEGRX)
Templeton International (Ex EM) Fund (Nasdaq: TEGEX), (Nasdaq: TGEFX)
Templeton Latin America Fund (Nasdaq: TELAX), (Nasdaq: TLAAX), (Nasdaq: TLAIX)
Templeton Pacific Growth Fund (Nasdaq: FKPGX), (Nasdaq: FPGCX)
Templeton World Fund (Nasdaq: TEMWX), (Nasdaq: TWDBX), (Nasdaq: TEWTX)
Mutual Beacon Fund (Nasdaq: TEBIX), (Nasdaq: TEBBX), (Nasdaq: TEMEX), (Nasdaq: BEGRX)
Mutual Discovery Fund (Nasdaq: TEDIX), (Nasdaq: TEDBX), (Nasdaq: TEDSX), (Nasdaq: TEDRX), (Nasdaq: MDISX)
Mutual European Fund (Nasdaq: TEMIX), (Nasdaq: TEUBX), (Nasdaq: TEURX), (Nasdaq: MEURX)
Mutual Financial Services Fund (Nasdaq: TFSIX), (Nasdaq: TBFSX), (Nasdaq: TMFSX), (Nasdaq: TEFAX)
Mutual Qualified Fund (Nasdaq: TEQIX), (Nasdaq: TEBQX), (Nasdaq: TEMQX), (Nasdaq: MQIFX)
Mutual Recovery Fund (Nasdaq: FMRVX)
Mutual Shares Fund (Nasdaq: TESIX), (Nasdaq: FMUBX), (Nasdaq: TEMTX), (Nasdaq: TESRX), (Nasdaq: MUTHX)
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than March 5, 2004, to serve as lead plaintiff, however, you must meet certain legal requirements. 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 Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca