NEWPORT BEACH, Calif., June 1, 2004 (PRIMEZONE) -- PIMCO, the Newport Beach, California bond specialist, confirmed today that charges included in a lawsuit filed by the New Jersey Attorney General in February have been dropped.
New Jersey's decision to dismiss the charges, which resulted from an investigation of allegedly improper market-timing, came after PIMCO subsequently provided New Jersey with additional information.
"We have stated publicly from the moment the charges were filed in February that our people have acted in good faith, and that our clients' interests have been protected," said Bill Gross and Bill Thompson, PIMCO's chief investment officer and chief executive officer.
"We are pleased that this position has now been substantiated by the New Jersey Attorney General's action today, dropping charges against PIMCO," Gross and Thompson said.
Although it was examined, PIMCO has not been charged by the SEC in this matter.
Founded in 1971 and based in Newport Beach, California, with more than $395 billion in fixed-income assets under management, PIMCO is one of the world's leading fixed-income fund-management companies.
Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.