BALTIMORE, March 30, 2004 (PRIMEZONE) -- Law Offices Of Charles J. Piven, P.A. today announced that a securities class action has been commenced on behalf of clients of American Express Financial Advisors, Inc. ("AEFA") who purchased mutual funds in the American Express family of mutual funds ("AEC Funds") between March 10, 1999 and February 9, 2004 (the "Class Period").
The Funds, and the symbols for the respective Funds, that may be subject to the lawsuit are as follows:
AXACX AXP Blue Chip Advantage Fund IBLUX AXP Blue Chip Advantage Fund IDBCX AXP Blue Chip Advantage Fund IDBYX AXP Bond Fund Inc INBNX AXP Bond Fund Inc ININX AXP Bond Fund Inc ACABX AXP California Tax Exempt Fund ICALX AXP California Tax Exempt Fund IDIBX AXP Discovery Fund Inc IDVYX AXP Discovery Fund Inc INDYX AXP Discovery Fund Inc ADECX AXP DIV EQTY C ACUIX AXP DIVDND OPP C IDEBX AXP Diversified Equity Income Fund IDQYX AXP Diversified Equity Income Fund INDZX AXP Diversified Equity Income Fund AXBCX AXP DIVSFD BD C IDEAX AXP Emerging Markets Fund IEMBX AXP Emerging Markets Fund AESCX AXP Equity Select Fund IDQBX AXP Equity Select Fund IESYX AXP Equity Select Fund INVPX AXP Equity Select Fund IEVAX AXP Equity Value Fund INEGX AXP Equity Value Fund AEEBX AXP European Equity Fund Inc AXEAX AXP European Equity Fund Inc APECX AXP Extra Income Fund Inc IEIBX AXP Extra Income Fund Inc INEAX AXP Extra Income Fund Inc IDFYX AXP Federal Income Fund Inc IFINX AXP Federal Income Fund Inc ISHOX AXP Federal Income Fund Inc AUGAX AXP Federal Income Fund Inc US Government Mortgage Fund AUGBX AXP Federal Income Fund Inc US Government Mortgage Fund AUGCX AXP Federal Income Fund Inc US Government Mortgage Fund AFAFX AXP Focus Growth Fund AFTBX AXP Focus Growth Fund ACBAX AXP Funds Core Bond Fund INUTX AXP Funds Dividend Opportunity Fund IUTBX AXP Funds Dividend Opportunity Fund AIOAX AXP Funds Income Opportunities Fund AIOBX AXP Funds Income Opportunities Fund ALDAX AXP Funds Limited Duration Bond Fund ALDBX AXP Funds Limited Duration Bond Fund AGBYX AXP Global Balanced Fund IDGAX AXP Global Balanced Fund IGBBX AXP Global Balanced Fund AGBCX AXP Global Bond Fund IGBFX AXP Global Bond Fund IGLOX AXP Global Bond Fund IDGBX AXP Global Equity Fund IDGYX AXP Global Equity Fund IGLGX AXP Global Equity Fund AXIAX AXP Global Technology Fund AXICX AXP Global Technology Fund INVBX AXP Global Technology Fund ABGDX AXP Growth Dimension Fund Inc AXDAX AXP Growth Dimension Fund Inc IGRBX AXP Growth Fund Inc IGRYX AXP Growth Fund Inc INIDX AXP Growth Fund Inc ALVAX AXP Growth Series Inc Large Cap Value Fund ALVBX AXP Growth Series Inc Large Cap Value Fund AXGCX AXP GRTH C AHECX AXP High Yield Tax Exempt Fund IBCYX AXP High Yield Tax Exempt Fund IHYBX AXP High Yield Tax Exempt Fund INHYX AXP High Yield Tax Exempt Fund IINBX AXP Insured Tax Exempt Fund IINSX AXP Insured Tax Exempt Fund INFAX AXP Intermediate Tax Exempt Fund INFBX AXP Intermediate Tax Exempt Fund IDIYX AXP International Fund Inc INIFX AXP International Fund Inc IWWGX AXP International Fund Inc APIBX AXP International Series Inc International Aggressive Growth Fund AMVAX AXP Investment Series Inc Mid Cap Value Fund AMVBX AXP Investment Series Inc Mid Cap Value Fund ALEAX AXP Large Cap Equity Fund ALEBX AXP Large Cap Equity Fund ARQCX AXP Large Cap Equity Fund IDRYX AXP Managed Allocation Fund Inc IMRBX AXP Managed Allocation Fund Inc IMRFX AXP Managed Allocation Fund Inc AMIDX AXP Market Advantage Series Inc Mid Cap Index Fund IDMAX AXP Massachusetts Tax Exempt Fund INMIX AXP Michigan Tax Exempt Fund IDSMX AXP Minnesota Tax Exempt Fund IMNTX AXP Minnesota Tax Exempt Fund IDMBX AXP Mutual Fund Inc IDMYX AXP Mutual Fund Inc INMUX AXP Mutual Fund Inc ANDCX AXP New Dimension Fund Inc AXGDX AXP New Dimension Fund Inc IDNYX AXP New Dimension Fund Inc INDBX AXP New Dimension Fund Inc INNDX AXP New Dimension Fund Inc INYKX AXP New York Tax Exempt Fund IOHIX AXP Ohio Tax Exempt Fund ASGBX AXP PART SMLCP B APIAX AXP PARTNERS A AISCX AXP Partners Funds International Small Cap Fund APNBX AXP Partners Funds International Small Cap Fund AAICX AXP Partners International Series Inc International Core Fund APCBX AXP Partners International Series Inc International Core Fund APICX AXP Partners International Series Inc International Select Value Fund AXGAX AXP Partners International Series Inc International Select Value Fund AXIBX AXP Partners International Series Inc International Select Value Fund AFVCX AXP Partners Series Inc Fundamental Value Fund ACSVX AXP Partners Series Inc Select Value Fund AXVAX AXP Partners Series Inc Select Value Fund AXVBX AXP Partners Series Inc Select Value Fund AXSAX AXP Partners Series Inc Small Cap Core Fund AXSBX AXP Partners Series Inc Small Cap Core Fund AFVBX AXP Partners Series Inc Value Fund AVFBX AXP Partners Series Inc Value Fund AVUCX AXP Partners Series Inc Value Fund APVCX AXP Partners Series Small Cap Value Fund APRCX AXP Partners Small Cap Growth Fund AXSCX AXP Partners Small Cap Growth Fund INPBX AXP Precious Metals Fund Inc INPMX AXP Precious Metals Fund Inc INPRX AXP Progressive Fund Inc IPRBX AXP Progressive Fund Inc AFVAX AXP PRTNRS VL A AVLAX AXP PRTRS VAL A IRDAX AXP Research Opportunities Fund IROBX AXP Research Opportunities Fund ADIDX AXP S&P 500 Index Fund ADIEX AXP S&P 500 Index Fund ASLCX AXP Selective Fund Inc IDEYX AXP Selective Fund Inc INSEX AXP Selective Fund Inc ISEBX AXP Selective Fund Inc ASVAX AXP SM CAP VAL A ASVBX AXP SM CAP VAL B ISCYX AXP Small Companies Index Fund ISIAX AXP Small Companies Index Fund ISIBX AXP Small Companies Index Fund AXFCX AXP ST US GOV C AXMBX AXP State Tax Exempt Massachusetts Fund IDSBX AXP Stock Fund Inc IDSYX AXP Stock Fund Inc INSTX AXP Stock Fund Inc ADVCX AXP Strategy Series Inc Small Cap Advantage Fund ASACX AXP Strategy Service Inc Strategy Aggressive Fund ASAYX AXP Strategy Service Inc Strategy Aggressive Fund INAGX AXP Strategy Service Inc Strategy Aggressive Fund ISAAX AXP Strategy Service Inc Strategy Aggressive Fund INTAX AXP Tax Exempt Bond Fund Inc ITEBX AXP Tax Exempt Bond Fund Inc ASAAX IDS Strategy Fund Inc AXP Small Cap Advantage Fund ASABX IDS Strategy Fund Inc AXP Small Cap Advantage Fund
The case is pending in the United States District Court for the Southern District of New York against the American Express Company, American Express Financial Corporation and American Express Financial Advisors, Inc.
The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities. The Complaint alleges that AEFA, through its financial advisors, purported to provide objective investment and financial planning advice based on each client's particular financial needs without disclosing the financial advisors' interest in promoting (to the exclusion of other, possibly more suitable, funds) AEC Funds and certain other preferred funds. The Complaint further alleges that class members were harmed by defendants' fraudulent conduct because they paid AEFA a substantial fee while believing that they would receive objective advice when, in fact, defendants failed to disclose that AEFA financial advisors were strongly motivated to and did advise their clients to purchase AEC Funds and certain other preferred funds. The Complaint further alleges that, because of the deception and manipulation alleged in the Complaint, AEFA clients were dissuaded from making fully informed investment decisions and their trust reposed in their AEFA advisors was misplaced.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you are a member of the Class, you may move the court no later than May 3, 2004 to serve as a lead plaintiff for the Class. In order to serve as a lead plaintiff, you must meet certain legal requirements. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice.
If you were an AEFA client and bought shares or units of funds in the American Express family of mutual funds between March 10, 1999 and February 9, 2004, and want to discuss your legal rights, you may e-mail or call Law Offices Of Charles J. Piven, P.A. who will, without obligation or cost to you, attempt to answer your questions. Law Offices Of Charles J. Piven has been involved in securities litigation for over ten years. You may contact Law Offices Of Charles J. Piven, P.A. at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@pivenlaw.com or by calling 410/986-0036.