NEW YORK, Dec. 16, 2003 (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 District of Massachusetts on behalf of purchasers of shares of the MFS Mutual Funds, which are managed by Massachusetts Financial Services, a subsidiary of Sun Life Financial, Inc. (NYSE:SLF), during the period between December 15, 1998 and December 8, 2003, 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=206&pcode=10&pp=4.
The following MFS Mutual Funds are subject to this lawsuit:
MFS Capital Opportunities Fund (Nasdaq:MCOFX), (Nasdaq:MCOBX), (Nasdaq:MCOCX), (Nasdaq:MFCRX), (Nasdaq:MCOTX), (Nasdaq:EACOX), (Nasdaq:EBCOX), (Nasdaq:ECCOX)
MFS Core Growth Fund (Nasdaq:MFCAX), (Nasdaq:MFCBX), (Nasdaq:MFCCX), (Nasdaq:MCFRX), (Nasdaq:MCRRX)
MFS Emerging Growth Fund (Nasdaq:MFEGX), (Nasdaq:MEGBX), (Nasdaq:MFECX), (Nasdaq:MFERX), (Nasdaq:MEGRX), (Nasdaq:EAGRX), (Nasdaq:EBEGX), (Nasdaq:ECEGX)
MFS Growth Opportunities Fund (Nasdaq:MGOFX), (Nasdaq:MGOBX)
MFS Large Cap Growth Fund (Nasdaq:MCGAX), (Nasdaq:MCGBX)
MFS Managed Sectors Fund (Nasdaq:MMNSX), (Nasdaq:MSEBX), (Nasdaq:MMNCX)
MFS Mid Cap Growth Fund (Nasdaq:OTCAX), (Nasdaq:OTCBX), (Nasdaq:OTCCX), (Nasdaq:MMCRX), (Nasdaq:MCPRX), (Nasdaq:EAMCX), (Nasdaq:EBCGX), (Nasdaq:ECGRX)
MFS New Discovery Fund (Nasdaq:MNDAX), (Nasdaq:MNDBX), (Nasdaq:MNDCX), (Nasdaq:MFNRX), (Nasdaq:MNDRX), (Nasdaq:EANDX), (Nasdaq:EBNDX), (Nasdaq:ECNDX)
MFS New Endeavor Fund (Nasdaq:MECAX), (Nasdaq:MECBX), (Nasdaq:MECCX), (Nasdaq:MNERX), (Nasdaq:MENRX)
MFS Research Fund (Nasdaq:MFRFX), (Nasdaq:MFRBX), (Nasdaq:MFRCX), (Nasdaq:MFRRX), (Nasdaq:MSRRX), (Nasdaq:EARFX), (Nasdaq:EBRFX), (Nasdaq:ECRFX)
MFS Strategic Growth Fund (Nasdaq:MFSGX), (Nasdaq:MSBGX), (Nasdaq:MFGCX), (Nasdaq:MSGRX), (Nasdaq:MSTRX), (Nasdaq:EASGX), (Nasdaq:EBSGX), (Nasdaq:ECSGX)
MFS Technology Fund (Nasdaq:MTCAX), (Nasdaq:MTCBX), (Nasdaq:MTCCX), (Nasdaq:MTQRX), (Nasdaq:MTERX)
Massachusetts Investors Growth Stock (Nasdaq:MIGFX), (Nasdaq:MIGBX), (Nasdaq:MIGDX), (Nasdaq:MIGRX), (Nasdaq:MIRGX), (Nasdaq:EISTX), (Nasdaq:EMIVX), (Nasdaq:EMICX)
MFS Mid Cap Value Fund (Nasdaq:MVCAX), (Nasdaq:MCBVX), (Nasdaq:MVCCX), (Nasdaq:MMVRX), (Nasdaq:MCVRX), (Nasdaq:EACVX), (Nasdaq:EBCVX), (Nasdaq:ECCVX)
MFS Research Growth and Income Fund (Nasdaq:MRGAX), (Nasdaq:MRGBX), (Nasdaq:MRGCX), (Nasdaq:MGIRX), (Nasdaq:MRERX)
MFS Strategic Value Fund (Nasdaq:MSVTX), (Nasdaq:MSVLX), (Nasdaq:MQSVX), (Nasdaq:MSVRX), (Nasdaq:MVSRX), (Nasdaq:EASVX), (Nasdaq:EBSVX), (Nasdaq:ECSVX)
MFS Total Return Fund (Nasdaq:MSFRX), (Nasdaq:MTRBX), (Nasdaq:MTRCX), (Nasdaq:MFTRX), (Nasdaq:MTRRX), (Nasdaq:EATRX), (Nasdaq:EBTRX), (Nasdaq:ECTRX)
MFS Union Standard Equity Fund (Nasdaq:MUEAX), (Nasdaq:MUSBX), (Nasdaq:MUECX)
MFS Utilities Fund (Nasdaq:MMUFX), (Nasdaq:MMUBX), (Nasdaq:MMUCX), (Nasdaq:MMURX), (Nasdaq:MURRX)
MFS Value Fund (Nasdaq:MEIAX), (Nasdaq:MFEBX), (Nasdaq:MEICX), (Nasdaq:MFVRX), (Nasdaq:MVRRX), (Nasdaq:EAVLX), (Nasdaq:EBVLX), (Nasdaq:ECVLX)
Massachusetts Investors Trust (Nasdaq:MITTX), (Nasdaq:MITBX), (Nasdaq:MITCX), (Nasdaq:MITRX), (Nasdaq:MIRTX), (Nasdaq:EAMTX), (Nasdaq:EBMTX), (Nasdaq:ECITX)
MFS Aggressive Growth Allocation Fund (Nasdaq:MAAGX), (Nasdaq:MBAGX), (Nasdaq:MCAGX), (Nasdaq:MAARX), (Nasdaq:MAWAX), (Nasdaq:EAGTX), (Nasdaq:EBAAX), (Nasdaq:ECAAX)
MFS Conservative Allocation Fund (Nasdaq:MACFX), (Nasdaq:MACBX), (Nasdaq:MACVX), (Nasdaq:MACRX), (Nasdaq:MCARX), (Nasdaq:ECLAX), (Nasdaq:EBCAX), (Nasdaq:ECACX)
MFS Growth Allocation Fund (Nasdaq:MAGWX), (Nasdaq:MBGWX), (Nasdaq:MCGWX), (Nasdaq:MGARX), (Nasdaq:MGALX), (Nasdaq:EAGWX), (Nasdaq:EBGWX), (Nasdaq:ECGWX)
MFS Moderate Allocation Fund (Nasdaq:MAMAX), (Nasdaq:MMABX), (Nasdaq:MMACX), (Nasdaq:MAMRX), (Nasdaq:MARRX), (Nasdaq:EAMDX), (Nasdaq:EBMDX), (Nasdaq:ECMAX)
MFS Bond Fund (Nasdaq:MFBFX), (Nasdaq:MFBBX), (Nasdaq:MFBCX), (Nasdaq:MFBRX), (Nasdaq:MBRRX), (Nasdaq:EABDX), (Nasdaq:EBBDX), (Nasdaq:ECBDX)
MFS Emerging Markets Debt Fund (Nasdaq:MEDAX), (Nasdaq:MEDBX), (Nasdaq:MEDCX)
MFS Government Limited Maturity Fund (Nasdaq:MGLFX), (Nasdaq:MGLBX), (Nasdaq:MGLCX)
MFS Government Mortgage Fund (Nasdaq:MGMTX), (Nasdaq:MGTBX)
MFS Government Securities Fund (Nasdaq:MFGSX), (Nasdaq:MFGBX), (Nasdaq:MFGDX), (Nasdaq:MGSRX), (Nasdaq:MGVSX), (Nasdaq:EAGSX), (Nasdaq:EBGSX), (Nasdaq:ECGSX)
MFS High Income Fund (Nasdaq:MHITX), (Nasdaq:MHIBX), (Nasdaq:MHICX), (Nasdaq:EAHIX), (Nasdaq:EMHBX), (Nasdaq:EMHCX; (Nasdaq:MHIIX), (Nasdaq:MHIRX)
MFS High Yield Opportunities Fund (Nasdaq:MHOAX), (Nasdaq:MHOBX), (Nasdaq:MHOCX), (Nasdaq:MHOIX)
MFS Intermediate Investment Grade Bond Fund (Nasdaq:MGBFX), (Nasdaq:MGBVX), (Nasdaq:MGBCX), (Nasdaq:MGBEX), (Nasdaq:MIBRX)
MFS Limited Maturity Fund (Nasdaq:MQLFX) (Nasdaq:MQLBX), (Nasdaq:MQLCX), (Nasdaq:EALMX), (Nasdaq:EBLMX), (Nasdaq:ELDCX), (Nasdaq:MLDRX)
MFS Research Bond Fund (Nasdaq:MRBFX), (Nasdaq:MRBBX), (Nasdaq:MRBCX), (Nasdaq:EARBX), (Nasdaq:EBRBX), (Nasdaq:ECRBX), (Nasdaq:MRBIX), (Nasdaq:MRBRX)
MFS Strategic Income Fund (Nasdaq:MFIOX), (Nasdaq:MIOBX), (Nasdaq:MIOCX), (Nasdaq:MFIIX)
MFS Alabama Municipal Bond Fund (Nasdaq:MFALX), (Nasdaq:MBABX)
MFS Arkansas Municipal Bond Fund (Nasdaq:MFARX), (Nasdaq:MBARX)
MFS California Municipal Bond Fund (Nasdaq:MCFTX), (Nasdaq:MBCAX), (Nasdaq:MCCAX)
MFS Florida Municipal Bond Fund (Nasdaq:MFFLX), (Nasdaq:MBFLX)
MFS Georgia Municipal Bond Fund (Nasdaq:MMGAX), (Nasdaq:MBGAX)
MFS Maryland Municipal Bond Fund (Nasdaq:MFSMX), (Nasdaq:MBMDX)
MFS Massachusetts Municipal Bond Fund (Nasdaq:MFSSX), (Nasdaq:MBMAX)
MFS Mississippi Municipal Bond Fund (Nasdaq:MISSX), (Nasdaq:MBMSX),
MFS Municipal Bond Fund (Nasdaq:MMBFX), (Nasdaq:MMBBX)
MFS Municipal Limited Maturity Fund (Nasdaq:MTLFX), (Nasdaq:MTLBX), (Nasdaq:MTLCX)
MFS New York Municipal Bond Fund (Nasdaq:MSNYX), (Nasdaq:MBNYX), (Nasdaq:MCNYX)
MFS North Carolina Municipal Bond Fund (Nasdaq:MSNCX), (Nasdaq:MBNCX), (Nasdaq:MCNCX)
MFS Pennsylvania Municipal Bond Fund (Nasdaq:MFPAX), (Nasdaq:MBPAX)
MFS South Carolina Municipal Bond Fund (Nasdaq:MFSCX), (Nasdaq:MBSCX)
MFS Tennessee Municipal Bond Fund (Nasdaq:MSTNX), (Nasdaq:MBTNX)
MFS Virginia Municipal Bond Fund (Nasdaq:MSVAX), (Nasdaq:MBVAX), (Nasdaq:MVACX)
MFS West Virginia Municipal Bond Fund (Nasdaq:MFWVX), (Nasdaq:MBWVX)
MFS Emerging Markets Equity Fund (Nasdaq:MEMAX), (Nasdaq:MEMBX), (Nasdaq:MEMCX), (Nasdaq:MEMIX)
MFS Global Equity Fund (Nasdaq:MWEFX), (Nasdaq:MWEBX), (Nasdaq:MWECX), (Nasdaq:MWEIX), (Nasdaq:MGERX)
MFS Global Growth Fund (Nasdaq:MWOFX), (Nasdaq:MWOBX), (Nasdaq:MWOCX), (Nasdaq:MWOIX), (Nasdaq:MGLRX)
MFS Global Total Return Fund (Nasdaq:MFWTX), (Nasdaq:MFWBX), (Nasdaq:MFWCX), (Nasdaq:MFWIX), (Nasdaq:MGRRX)
MFS International Growth Fund (Nasdaq:MGRAX), (Nasdaq:MGRBX), (Nasdaq:MGRCX), (Nasdaq:MQGIX)
MFS International New Discovery Fund (Nasdaq:MIDAX), (Nasdaq:MIDBX), (Nasdaq:MIDCX), (Nasdaq:EAIDX), (Nasdaq:EBIDX), (Nasdaq:ECIDX), (Nasdaq:MWNIX), (Nasdaq:MINRX)
MFS International Value Fund (Nasdaq:MGIAX), (Nasdaq:MGIBX), (Nasdaq:MGICX), (Nasdaq:MINIX)
MFS Research International Fund (Nasdaq:MRSAX), (Nasdaq:MRIBX), (Nasdaq:MRICX), (Nasdaq:EARSX), (Nasdaq:EBRIX), (Nasdaq:ECRIX), (Nasdaq:MRSIX), (Nasdaq:MRIRX)
The complaint charges Massachusetts Financial Services Company, MFS Investment Management, Sun Life Financial, Inc. MFS Series Trust I, MFS Series Trust II, MFS Series Trust III, MFS Series Trust IV, MFS Series Trust V, MFS Series Trust VI, MFS Series Trust VII, MFS Series Trust VIII, MFS Series Trust IX, MFS Series Trust X, MFS Series Trust XI, MFS Mutual 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 MFS Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including the Doe Defendants, to illegally engage in "timing" of the MFS 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 MFS Mutual Funds' prospectuses.
If you bought shares of the MFS Mutual Funds between December 15, 1998 and December 8, 2003, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than February 9, 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.