NEW YORK, Nov. 11, 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 Southern District of New York on behalf of all purchasers, redeemers and holders of shares of the Putnam Family of funds ("the Putnam Funds") during the period between November 1, 1998 and September 3, 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=178&pcode=10&pp=4.
The Funds, and the symbols for the respective Funds named below, are as follows:
Putnam American Government Income Fund (Sym: PAGVX, PAMBX, PAMMX) Putnam Arizona Tax Exempt Income Fund (Sym: PTAZX, PAZBX) Putnam Asset Allocation: Balanced Portfolio (Sym: PABAX, PABBX, AABCX, PABMX) Putnam Asset Allocation: Conservative Portfolio (Sym: PACAX, PACBX, PACCX, PACMX) Putnam Asset Allocation: Growth Portfolio (Sym: PAEAX, PAEBX, PAECX, PAGMX) Putnam California Tax Exempt Income Fund (Sym: PCTEX, PCTBX, PCLMX) Putnam Capital Appreciation Fund (Sym: PCAPX, PCABX, PCAMX) Putnam Capital Opportunities Fund (Sym: PCOAX, POPBX, PCOCX) Putnam Classic Equity Fund (Sym: PXGIX, PGIIX, PGTCX, PGIMX) Putnam Convertible Income-Growth Trust (Sym: PCONX, PCNBX, PCNMX) Putnam Discovery Growth Fund (Sym: PVIIX, PVYBX, PVYCX, PVYMX) Putnam Diversified Income Trust (Sym: PDINX, PSIBX, PDVCX, PDVMX) Putnam Equity Income Fund (Sym: PEYAX, PEQNX, PEQCX, PEIMX) Putnam Europe Equity Fund (Sym:PEUGX, PEUBX, PEUMX) Putnam Florida Tax Exempt Income Fund (Sym: PTFLX, PFLBX) Putnam Fund for Growth and Income (Sym: PGRWX, PGIBX, PGRIX, PGRMX) George Putnam Fund of Boston (Sym: PGEOX, PGEBX, PGPCX, PGEMX) Putnam Global Equity Fund (Sym: PEQUX, PEQBX, PUGCX, PEQMX) Putnam Global Income Trust (Sym: PGGIX, PGLBX, PGGMX) Putnam Global Natural Resources Fund (Sym: EBERX, PNRBX, PGLMX) Putnam Growth Opportunities Fund (Sym: POGAX, POGBX, POGCX, PGOMX) Putnam Health Sciences Trust (Sym: PHSTX, PHSBX, PCHSX, PHLMX) Putnam High Yield Advantage Fund (Sym: PHYIX, PHYBX, PHYMX) Putnam High Yield Trust (Sym: PHIGX, PHBBX, PCHYX, PHIMX) Putnam Income Fund (Sym: PINCX, PNCBX, PUICX, PNCMX) Putnam Intermediate U.S. Government Income Fund (Sym: PBLGX, PBGBX, PVICX) Putnam International Capital Opportunities Fund (Sym: PNVAX, PVNBX, PUVCX, PIVMX) Putnam International Equity Fund (Sym: POVSX, POVBX, PIGCX, POVMX) Putnam International Growth and Income Fund (Sym: PNGAX, PGNBX, PIGRX, PIGMX) Putnam International New Opportunities Fund (Sym: PINOX, PINWX, PIOCX, PINMX) Putnam Investors Fund (Sym: PINVX, PNVBX, PCINX, PNVMX) Putnam Massachusetts Tax Exempt Income Fund (Sym: PXMAX, PMABX) Putnam Michigan Tax Exempt Income Fund (Sym: PXMIX, PMEBX) Putnam Mid Cap Value Fund (Sym: PMVAX, PMVBX, PMPCX) Putnam Minnesota Tax Exempt Income Fund (Sym: PXMNX, PMTBX) Putnam Money Market Fund (Sym: PDDXX, PTBXX, PFCXX, PTMXX) Putnam Municipal Income Fund (Sym: PTFHX, PFHBX) Putnam New Jersey Tax Exempt Income Fund (Sym: PTNJX, PNJBX) Putnam New Opportunities Fund (Sym: PNOPX, PNOBX, PNOCX, PNOMX) Putnam New Value Fund (Sym: PANVX, PBNVX, PNVCX, PMNVX) Putnam New York Tax Exempt Income Fund (Sym: PTEIX, PEIBX) Putnam New York Tax Exempt Opportunities Fund (Sym: PTNHX, PTNBX, PNYMX) Putnam OTC & Emerging Growth Fund (Sym: POEGX, POTBX, POECX, POEMX) Putnam Ohio Tax Exempt Income Fund (Sym: PXOHX, POXBX) Putnam Pennsylvania Tax Exempt Income Fund (Sym: PTEPX, PPNBX) Putnam Research Fund (Sym: PNRAX, PRFBX, PRACX) Putnam Small Cap Growth Fund (Sym: PNSAX) Putnam Small Cap Value Fund (Sym: PSLAX, PSLBX, PSLCX. PSLMX) Putnam Tax Exempt Income Fund (Sym: PTAEX, PTBEX, PTXMX) Putnam Tax Exempt Money Market Fund (Sym: PTXXX) Putnam Tax Smart Equity Fund (Sym: PATSX, PBTSX, PCSMX) Putnam Tax-Free High Yield Fund (Sym: PTHAX, PTHYX, PTYMX) Putnam Tax-Free Insured Fund (Sym: PPNAX, PTFIX) Putnam U.S. Government Income Trust (Sym: PGSIX, PGSBX, PGVCX, PGSMX) Putnam Utilities Growth and Income Fund (Sym: PUGIX, PUTBX, PUTMX) Putnam Vista Fund (Sym: PVISX, PVTBX, PCVFX, PVIMX) Putnam Voyager Fund (Sym: PVOYX, PVOBX, PVFCX, PVOMX)
The complaint charges Marsh & McLennan Companies, Inc., Putnam Investment Management LLC, Putnam Investments Trust, Putnam Investment Funds, and the Putnam Funds with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the Putnam Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the Putnam Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors to illegally engage in "timing" of the Putnam 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 Putnam Funds' prospectuses.
If you bought, redeemed or owned shares of the Putnam Funds family of funds and you wish to serve as lead plaintiff, you must move the Court no later than December 22, 2003. 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.