/C O R R E C T I O N -- Milberg Weiss Bershad Hynes & Lerach LLP/
November 05 2003 - 2:22PM
PR Newswire (US)
/C O R R E C T I O N -- Milberg Weiss Bershad Hynes & Lerach
LLP/ In the news release 'Milberg Weiss Announces the Filing of a
Class Action Suit Against Fred Alger Management Inc. and Others on
Behalf of Purchasers of the Shares or Units of The Alger Family of
Funds,' issued yesterday November 4, by Milberg Weiss Bershad Hynes
& Lerach LLP over PR Newswire, we are advised by the company
that the fifth paragraph, first sentence should read "... sustained
damages, you may, no later than January 5, 2004 ..." rather than
"January 5, 2003" as originally issued inadvertently. Complete
corrected release follows: NEW YORK, Nov. 4 /PRNewswire/ -- The law
firm of Milberg Weiss Bershad Hynes & Lerach LLP announces that
a class action lawsuit was filed on October 31, 2003, on behalf of
purchasers of the securities of the Alger Funds family of funds
(the "Funds") operated by Fred Alger Management, Inc. and its
subsidiaries and affiliates, between November 1, 1998 and September
3, 2003, inclusive, (the "Class Period"), seeking to pursue
remedies under the Securities Exchange Act of 1934, the Securities
Act of 1933 and the Investment Advisers Act of 1940. A copy of the
complaint filed in this action is available from the Court, or can
be viewed on Milberg Weiss' website at:
http://www.milberg.com/cases/algerfunds/ The Funds, and the symbols
for the respective Funds named below, are as follows: Alger
SmallCap Portfolio (Sym: ALSAX, ALSCX, AGSCX) Alger SmallCap and
MidCap Portfolio (Sym: ALMAX, ALMBX, ALMCX) Alger MidCap Growth
Portfolio (Sym: AMGAX, AMCGX, AMGCX) Alger LargeCap Growth
Portfolio (Sym: ALGAX, AFGPX, ALGCX) Alger Capital Appreciation
Portfolio (Sym: ACAAX, ACAPX, ALCCX) Alger Health Sciences
Portfolio (Sym: AHSAX, AHSBX, AHSCX) Alger Balanced Portfolio (Sym:
ALBAX, ALGBX, ALBCX) Alger Small Cap Institutional Fund (Sym:
ALSRX, ASIRX) Alger MidCap Institutional Fund (Sym: ALMRX, ALGRX)
Alger LargeCap Growth Institutional Fund (Sym: ALGRX, ALGIX) Alger
Capital Appreciation Institutional Fund (Sym: ALARX, ACARX) Alger
Balanced Institutional Fund (Sym: ABLRX, ABIRX) Alger Socially
Responsible Growth Institutional Fund (Sym: ASRGX, ASRRX) Spectra
Fund (Sym: SPEAX, SPECX) The action, numbered 03-CV-8627, is
pending in the United States District Court for the Southern
District of New York against defendants Fred Alger Management Inc.,
the Alger Fund, James P. Connelly, Jr., Veras Investment Partners,
LLP, each of the Funds, and John Does 1-100. The Honorable Harold
Baer, Jr. is the Judge presiding over the action. The Complaint
alleges that defendants violated Sections 11 and 15 of the
Securities Act of 1933; Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and
Section 206 of the Investment Advisers Act of 1940. The Complaint
charges that, throughout the Class Period, defendants failed to
disclose that they improperly allowed certain favored investors,
such as Veras Investment Partners, to engage in the "timing" of
their transactions in the Funds' securities. Timing is excessive,
arbitrage trading undertaken to turn a quick profit. Timing injures
ordinary mutual fund investors -- who are not allowed to engage in
such practices. In return for receiving extra fees from Veras
Investment Partners and other favored investors, Fred Alger
Management, and the other Alger defendants, allowed and facilitated
timing activities by Veras Investment Partners and others, to the
detriment of class members, who paid, dollar for dollar, for such
favored investors' improper profits. These practices were
undisclosed in the prospectuses of the Funds. If you bought the
securities of any of the Funds between November 1, 1998 and
September 3, 2003 and sustained damages, you may, no later than
January 5, 2004, request that the Court appoint you as lead
plaintiff. A lead plaintiff is a representative party that acts on
behalf of other class members in directing the litigation. In order
to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class
members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may
together serve as "lead plaintiff." Your ability to share in any
recovery is not, however, affected by the decision whether or not
to serve as a lead plaintiff. You may retain Milberg Weiss Bershad
Hynes & Lerach LLP, or other counsel of your choice, to serve
as your counsel in this action. Milberg Weiss Bershad Hynes &
Lerach LLP (http://www.milberg.com/) is a 190-lawyer firm with
offices in New York City, San Diego, San Francisco, Los Angeles,
Boca Raton, Philadelphia and Seattle, and is active in major
litigations pending in federal and state courts throughout the
United States. Milberg Weiss has taken a leading role in many
important actions on behalf of defrauded investors, consumers, and
others, and has been responsible for more than $20 billion in
aggregate recoveries. Please contact the Milberg Weiss website for
more information about the firm. If you wish to discuss this action
with us, or have any questions concerning this notice or your
rights and interests with regard to the case, please contact the
following attorneys: Steven G. Schulman Peter E. Seidman Andrei V.
Rado One Pennsylvania Plaza, 49th fl. New York, NY, 10119-0165
Phone number: (800) 320-5081 E-mail: Website:
http://www.milberg.com/ DATASOURCE: Milberg Weiss Bershad Hynes
& Lerach LLP CONTACT: Steven G. Schulman, Peter E. Seidman, or
Andrei V. Rado, all of Milberg Weiss Bershad Hynes & Lerach
LLP, 1-800-320-5081, Web site: http://www.milberg.com/
http://www.milberg.com/cases/algerfunds
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