NEW YORK, Sept. 9, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer LLP announces that it has filed a class action lawsuit on behalf of all persons who purchased Lord Abbett Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The Funds, and the Symbols for the respective Lord Abbett Funds named below, are as follows:
LAFFX Lord Abbett Affiliated A LAFBX Lord Abbett Affiliated B LAFCX Lord Abbett Affiliated C LAFPX Lord Abbett Affiliated P LAFYX Lord Abbett Affiliated Y LDFVX Lord Abbett All Value A GILBX Lord Abbett All Value B GILAX Lord Abbett All Value C LAVPX Lord Abbett All Value P LAVYX Lord Abbett All Value Y ALFAX Lord Abbett Alpha A ALFBX Lord Abbett Alpha B ALFCX Lord Abbett Alpha C LAMAX Lord Abbett America's Value A LAMBX Lord Abbett America's Value B LAMCX Lord Abbett America's Value C LAMPX Lord Abbett America's Value P LAMYX Lord Abbett America's Value Y LABFX Lord Abbett Balanced A LABBX Lord Abbett Balanced B BFLAX Lord Abbett Balanced C LABPX Lord Abbett Balanced P LBNDX Lord Abbett Bond-Debenture A LBNBX Lord Abbett Bond-Debenture B BDLAX Lord Abbett Bond-Debenture C LBNPX Lord Abbett Bond-Debenture P LBNYX Lord Abbett Bond-Debenture Y LCFIX Lord Abbett CA Tax-Free Income A CALAX Lord Abbett CA Tax-Free Income C LACFX Lord Abbett Convertible A LBCFX Lord Abbett Convertible B LACCX Lord Abbett Convertible C LCFPX Lord Abbett Convertible P LCFYX Lord Abbett Convertible Y LCRAX Lord Abbett Core Fixed Income A LCRBX Lord Abbett Core Fixed Income B LCRCX Lord Abbett Core Fixed Income C LCRPX Lord Abbett Core Fixed Income P LCRYX Lord Abbett Core Fixed Income Y LACTX Lord Abbett CT Tax-Free Income A LAGWX Lord Abbett Developing Growth A LADBX Lord Abbett Developing Growth B LADCX Lord Abbett Developing Growth C LADPX Lord Abbett Developing Growth P LADYX Lord Abbett Developing Growth Y LAFLX Lord Abbett FL Tax-Free Income A FLLAX Lord Abbett FL Tax-Free Income C LAGAX Lord Abbett GA Tax-Free Income A LAGEX Lord Abbett Global Equity A LAGBX Lord Abbett Global Equity B LAGCX Lord Abbett Global Equity C LGEYX Lord Abbett Global Fund Equity Series Class Y LAGIX Lord Abbett Global Income A LAIBX Lord Abbett Global Income B GBLAX Lord Abbett Global Income C LGIPX Lord Abbett Global Income P LMGAX Lord Abbett Growth Opportunities A LMGBX Lord Abbett Growth Opportunities B LMGCX Lord Abbett Growth Opportunities C LGOPX Lord Abbett Growth Opportunities P LMGYX Lord Abbett Growth Opportunities Y LAHIX Lord Abbett HI Tax-Free Income A LHYAX Lord Abbett High Yield A LHYBX Lord Abbett High Yield B LHYCX Lord Abbett High Yield C HYMAX Lord Abbett High Yield Municipal Bond A HYMBX Lord Abbett High Yield Municipal Bond B HYMCX Lord Abbett High Yield Municipal Bond C HYMPX Lord Abbett High Yield Municipal Bond P LHYPX Lord Abbett High Yield P LAHYX Lord Abbett High Yield Y LISAX Lord Abbett Insured Intermediate Tx-Fr A LISBX Lord Abbett Insured Intermediate Tx-Fr B LISCX Lord Abbett Insured Intermediate Tx-Fr C LISPX Lord Abbett Insured Intermediate Tx-Fr P LAIEX Lord Abbett International Opp A LINBX Lord Abbett International Opp B LINCX Lord Abbett International Opp C LINPX Lord Abbett International Opp P LINYX Lord Abbett International Opp Y LICAX Lord Abbett Intl Core Equity A LICBX Lord Abbett Intl Core Equity B LICCX Lord Abbett Intl Core Equity C LICPX Lord Abbett Intl Core Equity P LICYX Lord Abbett Intl Core Equity Y ISFAX Lord Abbett Invest Tr, Lord Abbett Income Strategy Fd Cl A ISFBX Lord Abbett Invest Tr, Lord Abbett Income Strategy Fd Cl B ISFCX Lord Abbett Invest Tr, Lord Abbett Income Strategy Fd Cl C ISFPX Lord Abbett Invest Tr, Lord Abbett Income Strategy Fd Cl P ISFYX Lord Abbett Invest Tr, Lord Abbett Income Strategy Fd Cl Y LWSAX Lord Abbett Invest Tr, Lord Abbett World Gwth & Incm Strategy Fd Cl A LWSBX Lord Abbett Invest Tr, Lord Abbett World Gwth & Incm Strategy Fd Cl B LWSCX Lord Abbett Invest Tr, Lord Abbett World Gwth & Incm Strategy Fd Cl C LWSPX Lord Abbett Invest Tr, Lord Abbett World Gwth & Incm Strategy Fd Cl P LWSYX Lord Abbett Invest Tr, Lord Abbett World Gwth & Incm Strategy Fd Cl Y LABYX Lord Abbett Investment Trust Balanced Series Class Y LRLCX Lord Abbett Large-Cap Core A LARBX Lord Abbett Large-Cap Core B LLRCX Lord Abbett Large-Cap Core C LRLPX Lord Abbett Large-Cap Core P LARYX Lord Abbett Large-Cap Core Y LALCX Lord Abbett Large-Cap Growth A LALBX Lord Abbett Large-Cap Growth B LACGX Lord Abbett Large-Cap Growth C LLCPX Lord Abbett Large-Cap Growth P LALYX Lord Abbett Large-Cap Growth Y LALAX Lord Abbett Large-Cap Value A LLCBX Lord Abbett Large-Cap Value B LLCCX Lord Abbett Large-Cap Value C LALPX Lord Abbett Large-Cap Value P LLCYX Lord Abbett Large-Cap Value Y LALDX Lord Abbett Ltd Dur U.S. Govt Secs A LLTBX Lord Abbett Ltd Dur U.S. Govt Secs B LDLAX Lord Abbett Ltd Dur U.S. Govt Secs C LAMIX Lord Abbett MI Tax-Free Income A LAVLX Lord Abbett Mid-Cap Value A LMCBX Lord Abbett Mid-Cap Value B LMCCX Lord Abbett Mid-Cap Value C LMCPX Lord Abbett Mid-Cap Value P LMCYX Lord Abbett Mid-Cap Value Y LAMNX Lord Abbett MN Tax-Free Income A LAMOX Lord Abbett MO Tax-Free Income A LANSX Lord Abbett Natl Tax-Free Income A LANBX Lord Abbett Natl Tax-Free Income B LTNSX Lord Abbett Natl Tax-Free Income C LANJX Lord Abbett NJ Tax-Free Income A LANYX Lord Abbett NY Tax-Free Income A NYLAX Lord Abbett NY Tax-Free Income C LAPAX Lord Abbett PA Tax-Free Income A ALFYX Lord Abbett Securities Trust Alpha Series Class Y LSBAX Lord Abbett Small-Cap Blend A LSBBX Lord Abbett Small-Cap Blend B LSBCX Lord Abbett Small-Cap Blend C LSBPX Lord Abbett Small-Cap Blend P LSBYX Lord Abbett Small-Cap Blend Y LRSCX Lord Abbett Small-Cap Value A LRSBX Lord Abbett Small-Cap Value B LSRCX Lord Abbett Small-Cap Value C LRSPX Lord Abbett Small-Cap Value P LRSYX Lord Abbett Small-Cap Value Y LTRAX Lord Abbett Total Return A LTRBX Lord Abbett Total Return B LTRCX Lord Abbett Total Return C LTRPX Lord Abbett Total Return P LTRYX Lord Abbett Total Return Y LATIX Lord Abbett TX Tax-Free Income A LAGVX Lord Abbett U.S. Gov & Gov Spnsd Entpr A LAVBX Lord Abbett U.S. Gov & Gov Spnsd Entpr B LAUSX Lord Abbett U.S. Gov & Gov Spnsd Entpr C LAWAX Lord Abbett WA Tax-Free Income
The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included Lord Abbett Funds, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws. The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.
The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased any of the Lord Abbett Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you 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.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.