NEW YORK, Feb. 17, 2004 (PRIMEZONE) -- Rabin, Murray & Frank LLP announces that a class action lawsuit was filed in the District of Massachusetts, on behalf of purchasers of Columbia Mid Cap Growth Fund (Nasdaq: CBSBX), (Nasdaq: CMCCX), (Nasdaq: CBSDX), (Nasdaq: CBSGX), (Nasdaq: CBSTX), (Nasdaq: CLSPX); Columbia Technology Fund (Nasdaq: CTCBX), (Nasdaq: CTHCX), (Nasdaq: CTCDX), (Nasdaq: CMTFX); Columbia High Yield Opportunity Fund (Nasdaq: COHBX), (Nasdaq: CHYCX), (Nasdaq: LHYZX); Columbia Short Term Bond Fund (Nasdaq: CTBBX), (Nasdaq: CSHCX), (Nasdaq: CTBDX), (Nasdaq: CTBGX), (Nasdaq: CTBTX), (Nasdaq: CUGGX) (the "Funds") operated by FleetBoston Financial Corporation ("FleetBoston") (NYSE: FBF), Columbia Management Group, Inc ("Columbia Group"), Columbia Management Advisors, Inc. ("Columbia Advisors"), and Columbia Wanger Asset Management, L.P. ("Columbia Wanger"), between February 13, 1999 and January 14, 2004, inclusive (the "Class Period"). Rabin, Murray & Frank LLP is pursuing remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and the Investment Advisers Act of 1940.
The action, numbered 04-10315-PBS, is pending in the United States District Court for the District of Massachusetts before the Honorable Patti B. Saris, against defendants FleetBoston, Columbia Group, Columbia Management, Columbia Wanger, Columbia Funds Distributors, Inc. ("Columbia Distributor"), each of the Columbia mutual funds and their registrants, and John Does 1-100. The Funds, and the symbols for the respective Funds named below, are as follows:
Columbia Acorn Fund (Nasdaq: LACAX), (Nasdaq: LACBX), (Nasdaq: LIACX), (Nasdaq: ACRNX)
Columbia Acorn Select (Nasdaq: LTFAX), (Nasdaq: LTFBX), (Nasdaq: LTFCX), (Nasdaq: ACTWX)
Columbia Acorn USA (Nasdaq: LAUAX), (Nasdaq: LAUBX), (Nasdaq: LAUCX), (Nasdaq: AUSAX)
Columbia Asset Allocation Fund (Nasdaq: LAAAX), (Nasdaq: LAABX), (Nasdaq: LAACX), (Nasdaq: GBAAX), (Nasdaq: GAAAX), (Nasdaq: GAATX)
Columbia Balanced Fund (Nasdaq: CBLAX), (Nasdaq: CBLBX), (Nasdaq: CBLCX), (Nasdaq: CBLDX), (Nasdaq: CBALX)
Columbia Common Stock Fund (Nasdaq: CMSAX), (Nasdaq: CMSBX), (Nasdaq: CCSCX), (Nasdaq: CMSDX), (Nasdaq: CMSTX)
Columbia Disciplined Value Fund (Nasdaq: LEVAX), (Nasdaq: LEVBX), (Nasdaq: LEVCX), (Nasdaq: GEVBX), (Nasdaq: GALEX), (Nasdaq: GEVTX)
Columbia Dividend Income Fund (Nasdaq: LBSAX), (Nasdaq: LBSBX), (Nasdaq: LBSCX), (Nasdaq: GEQBX), (Nasdaq: GEQAX), (Nasdaq: GSFTX)
Columbia Growth & Income Fund (Nasdaq: CFGAX), (Nasdaq: CFGBX), (Nasdaq: CFGDX), (Nasdaq: LGISX)
Columbia Growth Fund (Nasdaq: CGWAX), (Nasdaq: CGWBX), (Nasdaq: CGWCX), (Nasdaq: CGWDX), (Nasdaq: CGWGX), (Nasdaq: CLMBX)
Columbia Growth Stock Fund (Nasdaq: CGSAX), (Nasdaq: CGSBX), (Nasdaq: CGSCX), (Nasdaq: SRFSX)
Columbia Large Cap Core Fund (Nasdaq: LCCAX), (Nasdaq: LCCBX), (Nasdaq: LCCCX), (Nasdaq: GGRBX), (Nasdaq: SGIEX), (Nasdaq: SMGIX)
Columbia Large Cap Growth Fund (Nasdaq: LEGAX), (Nasdaq: LEGBX), (Nasdaq: LEGCX), (Nasdaq: GBEGX), (Nasdaq: GAEGX), (Nasdaq: GEGTX)
Columbia Large Company Index Fund (Nasdaq: LLIAX), (Nasdaq: LLIBX), (Nasdaq: LLICX), (Nasdaq: ILCIX)
Columbia Liberty Fund (Nasdaq: COLFX), (Nasdaq: CCFBX), (Nasdaq: CTCCX), (Nasdaq: CTCFX)
Columbia Mid Cap Growth Fund (Nasdaq: CBSAX), (Nasdaq: CBSBX), (Nasdaq: CMCCX), (Nasdaq: CBSDX), (Nasdaq: CBSGX), (Nasdaq: CBSTX), (Nasdaq: CLSPX)
Columbia Mid Cap Value Fund (Nasdaq: COLGX), (Nasdaq: COGBX), (Nasdaq: CSVCX), (Nasdaq: LSVSX)
Columbia Real Estate Equity Fund (Nasdaq: CREAX), (Nasdaq: CREBX), (Nasdaq: CRECX), (Nasdaq: CREDX), (Nasdaq: CREEX)
Columbia Small Cap Fund (Nasdaq: LSMAX), (Nasdaq: LSMBX), (Nasdaq: LSMCX), (Nasdaq: GBSMX), (Nasdaq: SSCEX), (Nasdaq: SMCEX)
Columbia Small Cap Growth Fund (Nasdaq: CMSCX
Columbia Small Cap Value Fund (Nasdaq: CSMIX), (Nasdaq: CSSBX), (Nasdaq: CSSCX), (Nasdaq: CSCZX)
Columbia Small Company Equity Fund (Nasdaq: LSEAX), (Nasdaq: LSEBX), (Nasdaq: LSECX), (Nasdaq: GERBX), (Nasdaq: GASEX), (Nasdaq: GSETX)
Columbia Small Company Index Fund (Nasdaq: LBIAX), (Nasdaq: LBIBX), (Nasdaq: LBICX), (Nasdaq: ISCIX)
Columbia Strategic Investor Fund (Nasdaq: CSVAX), (Nasdaq: CSVBX), (Nasdaq: CSRCX), (Nasdaq: CSVDX), (Nasdaq: CSVFX)
Columbia Tax-Managed Aggressive Growth Fund (Nasdaq: LTMAX), (Nasdaq: LTAGX), (Nasdaq: LTACX), (Nasdaq: LTAZX)
Columbia Tax-Managed Growth Fund (Nasdaq: STMAX), (Nasdaq: CTMBX), (Nasdaq: CTMCX), (Nasdaq: LMGZX)
Columbia Tax-Managed Growth Fund II (Nasdaq: LTGAX), (Nasdaq: LTIIX), (Nasdaq: LTGCX), (Nasdaq: LTGZX)
Columbia Tax-Managed Value Fund (Nasdaq: SRVAX), (Nasdaq: CTMVX), (Nasdaq: LTVCX), (Nasdaq: LTMZX)
Columbia Technology Fund (Nasdaq: CTCAX), (Nasdaq: CTCBX), (Nasdaq: CTHCX), (Nasdaq: CTCDX), (Nasdaq: CMTFX)
Columbia Thermostat Fund (Nasdaq: CTFAX), (Nasdaq: CTFBX), (Nasdaq: CTFDX), (Nasdaq: COTZX)
Columbia Utilities Fund (Nasdaq: CUTLX), (Nasdaq: CUTBX), (Nasdaq: CUTFX), (Nasdaq: LUFZX)
Columbia Young Investor Fund (Nasdaq: LYIAX), (Nasdaq: LYIBX), (Nasdaq: LYICX), (Nasdaq: SRYIX)
Columbia Acorn International Fund (Nasdaq: LAIAX), (Nasdaq: LIABX), (Nasdaq: LAICX), (Nasdaq: ACINX)
Columbia Acorn International Select Fund (Nasdaq: LAFAX), (Nasdaq: LFFBX), (Nasdaq: LFFCX), (Nasdaq: ACFFX)
Columbia Europe Fund (Nasdaq: NEUAX), (Nasdaq: LNEBX), (Nasdaq: LNECX), (Nasdaq: LNEZX)
Columbia European Thematic Equity Fund (Nasdaq: LSREX)
Columbia Global Equity Fund (Nasdaq: CGUAX), (Nasdaq: CGUBX), (Nasdaq: CGUCX)
Columbia Global Thematic Equity Fund: (Nasdaq: LSRGX)
Columbia International Equity Fund (Nasdaq: LIEAX), (Nasdaq: LIEBX), (Nasdaq: LIECX), (Nasdaq: GBIEX), (Nasdaq: GAIEX), (Nasdaq: GIETX)
Columbia International Stock Fund (Nasdaq: CISAX), (Nasdaq: CISBX), (Nasdaq: CSKCX), (Nasdaq: CISDX), (Nasdaq: CMISX)
Columbia Newport Asia Pacific Fund (Nasdaq: NWAPX), (Nasdaq: LNABX), (Nasdaq: LNACX), (Nasdaq: LAPSX)
Columbia Newport Japan Opportunities Fund (Nasdaq: NJOAX), (Nasdaq: NJOBX), (Nasdaq: NJOCX), (Nasdaq: LNJZX)
Columbia Newport Greater China Fund (Nasdaq: NGCAX), (Nasdaq: NGCBX), (Nasdaq: NGCCX), (Nasdaq: LNGZX)
Columbia Newport Tiger Fund (Nasdaq: CNTAX), (Nasdaq: CNTBX), (Nasdaq: CNTDX), (Nasdaq: CNTTX), (Nasdaq: CNTZX)
Columbia Contrarian Income Fund (Nasdaq: CHINX), (Nasdaq: LCIBX), (Nasdaq: LCICX), (Nasdaq: LCIZX)
Columbia Corporate Bond Fund (Nasdaq: LBCAX), (Nasdaq: LBCBX), (Nasdaq: LBCCX), (Nasdaq: GCBTX)
Columbia Daily Income Company Fund CDIXX Columbia Federal Securities Fund (Nasdaq: CFSAX), (Nasdaq: CFSOX), (Nasdaq: CFSCX), (Nasdaq: LFSZX)
Columbia Fixed Income Securities Fund (Nasdaq: CFIAX), (Nasdaq: CFIBX), (Nasdaq: CISCX), (Nasdaq: CFIDX), (Nasdaq: CFISX)
Columbia Floating Rate Advantage Fund (Nasdaq: XSFRX), (Nasdaq: XSFBX), (Nasdaq: XLACX), (Nasdaq: XLAZX)
Columbia Floating Rate Fund (Nasdaq: XLFAX), (Nasdaq: XLSBX), (Nasdaq: XLFCX), (Nasdaq: XLFZX)
Columbia High Yield Fund (Nasdaq: CHGAX), (Nasdaq: CHGBX), (Nasdaq: CHDCX), (Nasdaq: CHGDX), (Nasdaq: CMHYX)
Columbia High Yield Opportunity Fund (Nasdaq: COLHX), (Nasdaq: COHBX), (Nasdaq: CHYCX), (Nasdaq: LHYZX)
Columbia Income Fund (Nasdaq: LIIAX), (Nasdaq: CIOBX), (Nasdaq: CIOCX), (Nasdaq: SRINX)
Columbia Intermediate Bond Fund (Nasdaq: LIBAX), (Nasdaq: LIBBX), (Nasdaq: LIBCX), (Nasdaq: SRBFX)
Columbia Intermediate Government Income Fund (Nasdaq: LIGAX), (Nasdaq: LIGBX), (Nasdaq: LIGCX), (Nasdaq: GGIBX), (Nasdaq: GALBX), (Nasdaq: GIBTX)
Columbia Money Market Fund (Nasdaq: CMMXX), (Nasdaq: CMBXX), (Nasdaq: CMCXX), (Nasdaq: LMZXX)
Columbia Quality Plus Bond Fund (Nasdaq: LQPAX), (Nasdaq: LQPBX), (Nasdaq: LQPCX), (Nasdaq: GBHQX), (Nasdaq: GAHQX), (Nasdaq: GHQTX)
Columbia Short Term Bond Fund (Nasdaq: CTBAX), (Nasdaq: CTBBX), (Nasdaq: CSHCX), (Nasdaq: CTBDX), (Nasdaq: CTBGX), (Nasdaq: CTBTX), (Nasdaq: CUGGX)
Columbia Strategic Income Fund (Nasdaq: COSIX), (Nasdaq: CLSBX), (Nasdaq: CLSCX), (Nasdaq: LSIZX)
Columbia US Treasury Index Fund (Nasdaq: LUTAX), (Nasdaq: LUTBX), (Nasdaq: LUTCX), (Nasdaq: IUTIX)
Columbia California Tax-Exempt Fund (Nasdaq: CLMPX), (Nasdaq: CCABX), (Nasdaq: CCAOX)
Columbia Connecticut Intermediate Municipal Bond (Nasdaq: LCTAX), (Nasdaq: LCTBX), (Nasdaq: LCTCX), (Nasdaq: GCBBX), (Nasdaq: GCBAX), (Nasdaq: SCTEX)
Columbia Connecticut Tax-Exempt Fund (Nasdaq: COCTX), (Nasdaq: CCTBX), (Nasdaq: CCTCX)
Columbia Florida Intermediate Municipal Bond Fund (Nasdaq: LFIAX), (Nasdaq: LFIBX), (Nasdaq: LFICX), (Nasdaq: SFTEX)
Columbia High Yield Municipal Fund (Nasdaq: LHIAX), (Nasdaq: CHMBX), (Nasdaq: CHMCX), (Nasdaq: SRHMX)
Columbia Intermediate Tax-Exempt Bond Fund (Nasdaq: LITAX), (Nasdaq: LITBX), (Nasdaq: LITCX), (Nasdaq: GIMBX), (Nasdaq: GIMAX), (Nasdaq: SETMX)
Columbia Managed Municipals Fund (Nasdaq: LMMAX), (Nasdaq: LMMBX), (Nasdaq: LMMCX), (Nasdaq: SRMMX)
Columbia Massachusetts Intermediate Municipal Bond Fund (Nasdaq: LMIAX), (Nasdaq: LMIBX), (Nasdaq: LMICX), (Nasdaq: GMBBX), (Nasdaq: GMBAX), (Nasdaq: SEMAX)
Columbia Massachusetts Tax-Exempt Fund (Nasdaq: COMAX), (Nasdaq: CMABX), (Nasdaq: COMCX)
Columbia Municipal Money Market Fund (Nasdaq: CXMXX), (Nasdaq: CMNXX), (Nasdaq: CMXXX), (Nasdaq: CMZXX)
Columbia National Municipal Bond Fund (Nasdaq: CNLAX), (Nasdaq: CNLBX), (Nasdaq: CNBCX), (Nasdaq: CNLDX), (Nasdaq: CLNMX)
Columbia New Jersey Intermediate Municipal Bond Fund (Nasdaq: LNIAX), (Nasdaq: LNIBX), (Nasdaq: LNICX), (Nasdaq: GNJBX), (Nasdaq: GNJAX), (Nasdaq: GNJTX)
Columbia New York Intermediate Municipal Bond Fund (Nasdaq: LNYAX), (Nasdaq: LNYBX), (Nasdaq: LNYCX), (Nasdaq: GBNYX), (Nasdaq: GANYX), (Nasdaq: GNYTX)
Columbia New York Tax-Exempt Fund (Nasdaq: COLNX), (Nasdaq: CNYBX), (Nasdaq: CNYCX)
Columbia Oregon Municipal Bond Fund (Nasdaq: COEAX), (Nasdaq: COEBX), (Nasdaq: CORCX), (Nasdaq: COEDX), (Nasdaq: CMBFX)
Columbia Pennsylvania Intermediate Municipal Bond Fund (Nasdaq: LPIAX), (Nasdaq: LPIBX), (Nasdaq: LPICX), (Nasdaq: GTPAX)
Columbia Rhode Island Intermediate Municipal Bond Fund (Nasdaq: LRIAX), (Nasdaq: LRIBX), (Nasdaq: LRICX), (Nasdaq: GRBBX), (Nasdaq: GRBAX), (Nasdaq: GRITX)
Columbia Tax-Exempt Fund (Nasdaq: COLTX), (Nasdaq: CTEBX), (Nasdaq: COLCX)
Columbia Tax-Exempt Insured Fund (Nasdaq: CEXIX), (Nasdaq: CEIBX), (Nasdaq: CEINX)
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, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, certain of the defendants failed to disclose that they improperly allowed certain favored investors "timing" of the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit and which ordinary investors are told that the funds police. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by the Funds themselves. In return for receiving extra fees from favored investors, FleetBoston, Columbia Group, Columbia Management, Columbia Wanger, and Columbia Distributor not only allowed timing but facilitated timing activities in the Funds, to the detriment of class members, who paid, dollar for dollar, for improper profits made by privileged investors. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and that premature redemptions will be assessed a charge. Rabin, Murray & Frank LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired any of the Funds described above, between February 13, 1999 and January 14, 2004, and sustained damages, you may, no later than April 13, 2004, move the Court to serve as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.rabinlaw.com. Contact plaintiff's counsel Eric J. Belfi or Aaron D. Patton of Rabin Murray & Frank LLP to further discuss this action, this announcement, or your rights and interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.