LOS ANGELES, Feb. 17, 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 District of Massachusetts on behalf of a class (the "Class") consisting of all persons or entities who purchased or otherwise acquired mutual funds in the Columbia family of funds (the "Funds") operated by FleetBoston Financial Corporation ("FleetBoston") (NYSE:FBF), and certain of its subsidiaries, between February 13, 1999 and January 14, 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, FleetBoston, Columbia Management Group, Inc , Columbia Management Advisors, Inc. and Columbia Wanger Asset Management, L.P. with violations of federal securities laws. The complaint alleges that in return for receiving extra fees from favored investors, defendants not only allowed "market timing" -- short-term, in-and-out trading of the Funds' securities -- but facilitated "timing" activities in the Funds during the Class Period, to the detriment of Class members, who paid dollar-for-dollar for improper profits made by privileged investors. 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:
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 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 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 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)
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 April 13, 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, Calif. 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