NEW YORK, Sept. 18, 2008 (GLOBE NEWSWIRE) -- The Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, is currently investigating claims on behalf of purchasers of The Reserve Management Corporation's ("The Reserve") The Primary Fund (Nasdaq:RFIXX). On its website, The Reserve describes itself as the world's most experienced "Money Fund Manager" and claims to have created the first money market fund in 1970. The Reserve's corporate headquarters are located in New York, New York.
According to a press release filed by The Reserve on September 16th, due to the fund's exposure to Lehman Brothers debt, the value of the fund ("NAV") is now being calculated at $0.97 a share and the fund will be frozen for redemptions for a seven day period. The freeze was apparently put in place to prevent mass redemptions. As of Friday, September 12, 2008, as reported by various news agencies, the fund had approximately $62.6 billion in assets; by late Tuesday afternoon it had fallen to approximately $23 billion in assets, sustaining a $40 billion loss. This is only the second time in history that a money market fund's NAV dipped below $1. If redemptions ensue in mass after the freeze, the NAV could fall further.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years and our clients have recovered more than $100 million through our assistance in negotiation, mediation, arbitration and litigation.