NEW YORK, March 19, 2004 (PRIMEZONE) -- The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of shares of the Scudder Family of Mutual Funds (the "Scudder Mutual Funds") which are managed by Deutsche Bank AG during the period between January 22, 1999 and January 12, 2004, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=225&pcode=10&pp=4.
The Funds, and the symbols for the respective Funds named below, are as follows:
Scudder 21st Century Growth Fund (Nasdaq: SCNAX, SCNBX, SCNCX) Scudder Aggressive Growth Fund (Nasdaq: KGGAX, KGGBX, KGGCX) Scudder Blue Chip Fund (Nasdaq: KBCAX, KBCBX, KBCCX) Scudder Capital Growth Fund (Nasdaq: SDGAX, SDGBX, SDGCX, SDGRX, SDGTX) Scudder Dynamic Growth Fund (Nasdaq: KSCAX, KSCBX, KSCCX) Scudder Flag Investors Communications Fund (Nasdaq: TISHX, FTEBX, FTICX, FLICX) Scudder Global Biotechnology Fund (Nasdaq: DBBTX, DBBBX, DBBCX) Scudder Gold & Precious Metals Fund (Nasdaq: SGDAX, SGDBX, SGDCX) Scudder Growth Fund (Nasdaq: KGRAX, KGRBX, KGRCX) Scudder Health Care Fund (Nasdaq: SUHAX, SUHBX, SUHCX) Scudder Large Company Growth Fund (Nasdaq: SGGAX, SGGBX, SGGCX, SCQRX) Scudder Micro Cap Fund (Nasdaq: SMFAX, SMFBX, SMFCX, MGMCX, MMFSX) Scudder Mid Cap Fund Nasdaq: SMCAX, SMCBX, SMCCX, SMCRX, BTEAX, BTCAX) Scudder Small Cap Fund (Nasdaq: SSDAX, SSDBX, SSDCX, SSDRX, BTSCX) Scudder Strategic Growth Fund (Nasdaq: SCDAX, SCDBX, SCDCX, SCDIX) Scudder Technology Fund (Nasdaq: KTCAX, KTCBX, KTCCX, KTCIX) Scudder Technology Innovation Fund (Nasdaq: SRIAX, SRIBX, SRICX) Scudder Top 50 US Fund (Nasdaq: FAUSX, FBUSX, FCUSX) Scudder Contrarian Fund (Nasdaq: KDCAX, KDCBX, KDCCX, KDCRX) Scudder-Dreman Financial Services Fund (Nasdaq: KDFAX, KDFBX, KDFCX) Scudder-Dreman High Return Equity Fund (Nasdaq: KDHAX, KDHBX, KDHCX, KDHRX, KDHIX) Scudder-Dreman Small Cap Value Fund (Nasdaq: KDSAX, KDSBX, KDSCX, KDSRX, KDSIX) Scudder Flag Investors Equity Partners Fund (Nasdaq: FLEPX, FEPBX, FEPCX, FLIPX) Scudder Growth & Income Fund (Nasdaq: SUWAX, SUWBX, SUWCX, SUWRX, SUWIX) Scudder Large Company Value Fund (Nasdaq: SDVAX, SDVBX, SDVCX) Scudder-RREEF Real Estate Securities Fund (Nasdaq: RRRAX, RRRBX, RRRCX, RRRSX, RRRRX) Scudder Small Company Stock Fund (Nasdaq: SZCAX, SZCBX, SZCCX) Scudder Small Company Value Fund (Nasdaq: SAAUX, SABUX, SACUX) Scudder Tax Advantaged Dividend Fund (Nasdaq: SDDAX, SDDBX, SDDCX, SDDGX) Scudder Flag Investors Value Builder Fund (Nasdaq: FLVBX, FVBBX, FVBCX, FLIVX) Scudder Focus Value+Growth Fund (Nasdaq: KVGAX, KVGBX, KVGCX) Scudder Lifecycle Mid Range Fund (Nasdaq: BTLRX) Scudder Lifecycle Long Range Fund (NASDAQ: BTILX), (NASDAQ: BTAMX) Scudder Lifecycle Short Range Fund (NASDAQ: BTSRX) Scudder Pathway Conservative Portfolio (Nasdaq: SUCAX, SUCBX, SUCCX) Scudder Pathway Growth Portfolio (Nasdaq: SUPAX, SUPBX, SUPCX) Scudder Pathway Moderate Portfolio (Nasdaq: SPDAX, SPDBX, SPDCX) Scudder Retirement Fund Series V (Nasdaq: KRFEX) Scudder Retirement Fund Series VI (Nasdaq: KRFFX) Scudder Retirement Fund Series VII (Nasdaq: KRFGX) Scudder Target 2010 Fund (Nasdaq: KRFAX) Scudder Target 2012 Fund (Nasdaq: KRFCX) Scudder Target 2013 Fund (Nasdaq: KRFDX) Scudder Total Return Fund (Nasdaq: KTRAX, KTRBX, KTRCX, KTRGX) Scudder Emerging Markets Growth Fund (Nasdaq: SEKAX, SEKBX, SEKCX) Scudder Emerging Markets Income Fund (Nasdaq: SZEAX, SZEBX, SZECX) Scudder European Equity Fund (Nasdaq: DBEAX, DBEBX, DBECX, MEUEX, MEUVX) Scudder Global Fund (Nasdaq: SGQAX, SGQBX, SGQCX, SGQRX) Scudder Global Bond Fund (Nasdaq: SZGAX, SZGBX, SZGCX) Scudder Global Discovery Fund (Nasdaq: KGDAX, KGDBX, KGDCX) Scudder Greater Europe Growth Fund (Nasdaq: SERAX, SERBX, SERCX) Scudder International Fund (Nasdaq: SUIAX, SUIBX, SUICX) Scudder International Equity Fund (Nasdaq: DBAIX, DBBIX, DBCIX, BEIIX, BEITX, BTEQX) Scudder International Select Equity Fund (Nasdaq: DBISX, DBIBX, DBICX, DBITX, MGINX, MGIVX, MGIPX) Scudder Japanese Equity Fund (Nasdaq: FJEAX, FJEBX, FJECX) Scudder Latin America Fund (Nasdaq: SLANX, SLAOX, SLAPX) Scudder New Europe Fund (Nasdaq: KNEAX, KNEBX, KNECX, KNEIX) Scudder Pacific Opportunities Fund (Nasdaq: SPAOX, SBPOX, SPCCX) Scudder Worldwide 2004 Fund (Nasdaq: KWIVX) Scudder Fixed Income Fund (Nasdaq: SFXAX, SFXBX, SFXCX, SFXRF, MFISX) Scudder High Income Plus Fund (Nasdaq: MGHYX, MGHVX, MGHPX) Scudder High Income Fund (Nasdaq: KHYAX, KHYBX, KHYCX, KHYIX) Scudder High Income Opportunity Fund (Nasdaq: SYOAX, SYOBX, SYOCX) Scudder Income Fund (Nasdaq: SZIAX, SZIBX, SZICX) Scudder PreservationPlus Fund (Nasdaq: BTPIX, BTPSX) Scudder PreservationPlus Income Fund (Nasdaq: PPIAX, PPLCX, DBPIX) Scudder Short Term Bond Fund (Nasdaq: SZBAX, SZBBX, SZBCX) Scudder Short Duration Fund (Nasdaq: SDUAX, SDUBX, SDUCX, MGSFX) Scudder Strategic Income Fund (Nasdaq: KSTAX, KSTBX, KSTCX) Scudder US Government Securities Fund (Nasdaq: KUSAX, KUSBX, KUSCX) Scudder California Tax-Free Income Fund (Nasdaq: KCTAX, KCTBX, KCTCX) Scudder Florida Tax-Free Income Fund (Nasdaq: KFLAX, KFLBX, KFLCX) Scudder High Yield Tax-Free Fund (Nasdaq: NOTAX, NOTBX, NOTCX, NOTIX) Scudder Intermediate Tax/AMT Free Fund (Nasdaq: SZMAX, SZMBX, SZMCX) Scudder Managed Municipal Bond Fund (Nasdaq: SMLAX, SMLBX, SMLCX, SMLIX) Scudder Massachusetts Tax-Free Fund (Nasdaq: SQMAX, SQMBX, SQMCX) Scudder Municipal Bond Fund (Nasdaq: MGMBX, MMBSX) Scudder New York Tax-Free Income Fund (Nasdaq: KNTAX, KNTBX, KNTCX) Scudder Short Term Municipal Bond Fund (Nasdaq: SRMAX, SRMBX, SRMCX, MGSMX, MSMSX) Scudder EAFE (R) Equity Index Fund (Nasdaq: BTAEX,) Scudder Equity 500 Index Fund (Nasdaq: BTIIX, BTIEX) Scudder S&P 500 Stock Fund (Nasdaq: KSAAX, KSABX, KSACX) Scudder Select 500 Fund (Nasdaq: OUTDX, OUTBX, OUTCX, OUTRX) Scudder US Bond Index Fund (Nasdaq: BTUSX) Scudder Cash Reserves Fund
The complaint charges Deutsche Bank, Scudder Investments, Deutsche Investment Management Americas Inc., Deutsche Asset Management, Inc., the Fund Registrants, Scudder Funds, and the Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), among other claims, and for common law breach of fiduciary duties. 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 Scudder Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including the Doe Defendants, to illegally engage in "timing" of the Scudder 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 Scudder Mutual Funds' prospectuses.
If you bought shares of the Scudder Mutual Funds between January 22, 1999 and January 12, 2004, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than March 22, 2004. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.