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Case ID: 2787 | Stocks | 02/09/2004
A class action has been filed against Alliance Capital Management Holding L.P. (NYSE: AC) and certain of its subsidiaries, officers and directors by investors who purchased shares in any AllianceBernstein mutual fund between October 2, 1998, and September 29, 2003. The action claims that the defendants violated federal securities laws by failing to disclose that they improperly allowed certain hedge funds, including Canary Capital Partners, certain entities related to Canary Capital Partners, and certain AllianceBernstein hedge funds, to engage in "late trading" and "timing" of the funds' securities. The investors seek to recover compensatory damages for the loss of value of their securities.
Late trades are trades received after 4:00 p.m. EST that are filled based on that day's net asset value, as opposed to being filled based on the next day's net asset value, which is the proper procedure under SEC regulations. Late trading allows favored investors to make use of market-moving information that only becomes available after 4 P.M and has been compared to betting on a horse race that already has been run. Timing is excessive arbitrage trading undertaken to turn a quick profit. Late trading and timing injure ordinary mutual fund investors--who are not allowed to engage in these practices--and are acknowledged as improper practices by the funds. The action alleges that, in return for receiving extra fees from Canary and other favored investors, Alliance Capital Management Holding and its subsidiaries allowed and facilitated Canary's timing and late trading activities, to the detriment of class members, who paid, dollar for dollar, for Canary's improper profits. These practices were undisclosed in the funds' prospectuses, which falsely represented that the funds actively policed against timing and represented that post-4 P.M. EST trades would be priced based on the next day's net asset value and that premature redemptions would be assessed a charge.
U.S. Stock FundsAllianceBernstein Growth & Income Fund (CABDX, CBBDX, CBBCX)
Value FundsAllianceBernstein Balanced Shares (CABNX, CABBX, CBACX)
Blended Style SeriesAllianceBernstein Blended Style Series - U.S. Large Cap Portfolio (ABBAX, ABBAX, ABBCX) Global & International Stock Funds AllianceBernstein All-Asia Investment Fund (AALAX, AAABX, AAACX)
Select Investor SeriesAllianceBernstein Select Investor Series Biotechnology Portfolio (ASBAX, AIBBX, ASBCX)
Taxable Bond FundsAllianceBernstein Americas Government Income Trust (ANAGX, ANABX, ANACX)
Tax-Exempt Bond FundsAllianceBernstein Intermediate California Muni Portfolio (AICBX, ACLBX, ACMCX) Investors in the State of Rhode Island 529 Plan, known as the CollegeBoundfund, may have invested in one or more of the funds listed below:AllianceBernstein Growth & Income Fund At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest A class action has been filed against Pfizer, Inc. (NYSE: PFE), a New York based pharmaceutical company, and certain of its officers and directors by stockholders who purchased the company’s common stock between November 1, 2004 and December 16, 2004. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company’s securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against medical products and services company Cardinal Health, Inc., (NYSE:CAH) and certain of its officers and directors by stockholders who purchased the company's common stock between October 24, 2000, and June 30, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. Litigation is ongoing in several consolidated class actions filed against scrap iron company Philip Services Corporation (Pink Sheets:PPSVF.PK), certain of its officers and directors, and affiliated accounting firms by stockholders who purchased the company's common stock between February 28, 1996, and May 7, 1998. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. According to a law firm press release, plaintiffs filed a class action complaint against NexCen Brands, Inc. on May 28, 2008.
A class action has been filed against non-invasive surgical treatments provider HealthTronics Surgical Services, Inc. (Nasdaq: HTRN) and certain of its officers and directors by stockholders who purchased the company's common stock between January 4, 2000, and July 25, 2003. On May 16, 2008, two motions for the appointment of lead plaintiffs, for the selection of lead counsels and to consolidate cases were filed by Southwest Carpenters Pension Trust and several individuals. The court has not entered its order on these motions yet.
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