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 John Hancock 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 John Hancock Funds named below, are as follows:
JINDX John Hancock 500 Index Fd Cl R SVBAX John Hancock Balanced A SVBBX John Hancock Balanced B SVBCX John Hancock Balanced C SVBIX John Hancock Balanced I XBTOX John Hancock Bank and Thrift Opportunity Fund JBTAX John Hancock Biotechnology Fund Class A JBTBX John Hancock Biotechnology Fund Class B JBTCX John Hancock Biotechnology Fund Class C JHNBX John Hancock Bond A JHBBX John Hancock Bond B JHCBX John Hancock Bond C JHBIX John Hancock Bond I JHBRX John Hancock Bond R TACAX John Hancock CA Tax-Free Income A TSCAX John Hancock CA Tax-Free Income B TCCAX John Hancock CA Tax-Free Income C PZFVX John Hancock Classic Value A JCVBX John Hancock Classic Value B JCVCX John Hancock Classic Value C JCVIX John Hancock Classic Value I JCVRX John Hancock Classic Value R JHDCX John Hancock Core Equity A JHIDX John Hancock Core Equity B JHCEX John Hancock Core Equity C JHCIX John Hancock Core Equity I JHDPX John Hancock Dividend Performers Fund FIDAX John Hancock Financial Industries A FIDBX John Hancock Financial Industries B FIDCX John Hancock Financial Industries C FIDIX John Hancock Financial Industries I JFVAX John Hancock Focused Equity A JFVBX John Hancock Focused Equity B JFVCX John Hancock Focused Equity C JCGYX John Hancock Focused Small Cap Growth Fund JHGIX John Hancock Government Income A TSGIX John Hancock Government Income B TCGIX John Hancock Government Income C JCOAX John Hancock Greater China Opp A JCOBX John Hancock Greater China Opp B JCOCX John Hancock Greater China Opp C JCOIX John Hancock Greater China Opp I JGTAX John Hancock Growth Trends A JGTBX John Hancock Growth Trends B JGTCX John Hancock Growth Trends C JHGRX John Hancock Health Sciences A JHRBX John Hancock Health Sciences B JHRCX John Hancock Health Sciences C JAHIX John Hancock High Income A JBHIX John Hancock High Income B JCHIX John Hancock High Income C JIHIX John Hancock High Income I JHHBX John Hancock High-Yield A TSHYX John Hancock High-Yield B JHYCX John Hancock High-Yield C JHTFX John Hancock High-Yield Muni Bond A TSHTX John Hancock High-Yield Muni Bond B JCTFX John Hancock High-Yield Muni Bond C XJHSX John Hancock Income Securities Trust COREX John Hancock Indep Divers Core Eq II FINAX John Hancock International A FINBX John Hancock International B JINCX John Hancock International C JINIX John Hancock International I TAUSX John Hancock Investment Grade Bond A TSUSX John Hancock Investment Grade Bond B TCUSX John Hancock Investment Grade Bond C TIUSX John Hancock Investment Grade Bond I XJHIX John Hancock Investors Trust TAGRX John Hancock Large Cap Equity A TSGWX John Hancock Large Cap Equity B JHLVX John Hancock Large Cap Equity C JLVIX John Hancock Large Cap Equity I MSBFX John Hancock Large Cap Select A JHLBX John Hancock Large Cap Select B JHLCX John Hancock Large Cap Select C JHLIX John Hancock Large Cap Select I JHLRX John Hancock Large Cap Select R JLSAX John Hancock Large Cap Spectrum Fund Class A JLSBX John Hancock Large Cap Spectrum Fund Class B JLSCX John Hancock Large Cap Spectrum Fund Class C JHMAX John Hancock MA Tax-Free Income A JHMBX John Hancock MA Tax-Free Income B JMACX John Hancock MA Tax-Free Income C SPOAX John Hancock Mid Cap Growth A SPOBX John Hancock Mid Cap Growth B SPOCX John Hancock Mid Cap Growth C SPOIX John Hancock Mid Cap Growth I JMGAX John Hancock Multi-Cap Growth A JMGBX John Hancock Multi-Cap Growth B JMGCX John Hancock Multi-Cap Growth C JHNYX John Hancock NY Tax-Free Income A JNTRX John Hancock NY Tax-Free Income B JNYCX John Hancock NY Tax-Free Income C XPGDX John Hancock Patriot Global Dividend Fund XPPFX John Hancock Patriot Preferred Dividend Fund XPDFX John Hancock Patriot Premium Dividend Fund I XPDTX John Hancock Patriot Premium Dividend Fund II XDIVX John Hancock Patriot Select Dividend Trust XHPFX John Hancock Preferred Income Fd II XHPIX John Hancock Preferred Income Fund XHPSX John Hancock Preferred Income Fund III JREAX John Hancock Real Estate A JREBX John Hancock Real Estate B JRECX John Hancock Real Estate C FRBAX John Hancock Regional Bank A FRBFX John Hancock Regional Bank B FRBCX John Hancock Regional Bank C DSISX John Hancock Small Cap A DSBSX John Hancock Small Cap B DSCSX John Hancock Small Cap C SPVAX John Hancock Small Cap Equity A SPVBX John Hancock Small Cap Equity B SPVCX John Hancock Small Cap Equity C SPVIX John Hancock Small Cap Equity I SPVRX John Hancock Small Cap Equity R TAEMX John Hancock Small Cap Growth A TSEGX John Hancock Small Cap Growth B JSGCX John Hancock Small Cap Growth C JSGIX John Hancock Small Cap Growth I DSIIX John Hancock Small Cap I SOVIX John Hancock Sovereign Investors A SOVBX John Hancock Sovereign Investors B SOVCX John Hancock Sovereign Investors C SOIIX John Hancock Sovereign Investors I SVIRX John Hancock Sovereign Investors R JHFIX John Hancock Strategic Income A STIBX John Hancock Strategic Income B JSTCX John Hancock Strategic Income C JSTIX John Hancock Strategic Income I JSTRX John Hancock Strategic Income R XHTDX John Hancock Tax Advantaged Dividend Income Fd TAMBX John Hancock Tax-Free Bond A TSMBX John Hancock Tax-Free Bond B TBMBX John Hancock Tax-Free Bond C NTTFX John Hancock Technology A FGTBX John Hancock Technology B JHTCX John Hancock Technology C JHTIX John Hancock Technology I LUXRX John Hancock Technology Leaders A JTLBX John Hancock Technology Leaders B JTLCX John Hancock Technology Leaders C JTLIX John Hancock Technology Leaders I USGLX John Hancock U.S. Global Leaders Gr A USLBX John Hancock U.S. Global Leaders Gr B USLCX John Hancock U.S. Global Leaders Gr C USLIX John Hancock U.S. Global Leaders Gr I UGLRX John Hancock U.S. Global Leaders Gr R
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 John Hancock 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 John Hancock 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.