Glancy & Binkow LLP Commences Class Action Lawsuit And Seeks to Recover Losses For Investors Who Purchased Securities of the AllianceBernstein Family of Funds — AC
LOS ANGELES, Oct. 16, 2003 (PRIMEZONE) — Notice is hereby given that Glancy & Binkow LLP commenced a Class Action lawsuit in the United States District Court for the District of New Jersey on behalf of a class (the “Class”) consisting of all persons who purchased or otherwise acquired the AllianceBernstein family of funds (the “Funds”), owned and operated by Alliance Capital Management Holding L.P. (NYSE: AC) and its subsidiaries and other affiliates, between October 2, 1998 and September 29, 2003, inclusive (the “Class Period”). The Funds, and the symbols for the respective Funds named below, are as follows:
U.S. STOCK FUNDS
AllianceBernstein Growth & Income Fund (Nasdaq:CABDX) (Nasdaq:CBBDX)(Nasdaq:CBBCX)
AllianceBernstein Health Care Fund (Nasdaq:AHLAX) (Nasdaq:CBBDX)(Nasdaq:CBBCX)
AllianceBernstein Disciplined Value Fund (Nasdaq:ADGAX) (Nasdaq:ADGBX)(Nasdaq:ADGCX)
AllianceBernstein Mid-Cap Growth (Nasdaq:CHCAX) (Nasdaq:CHCBX)(Nasdaq:CHCCX)
AllianceBernstein Real Estate Investment Fund (Nasdaq:AREAX)(Nasdaq:AREBX)(Nasdaq:ARECX)
AllianceBernstein Growth Fund (Nasdaq:AGRFX) (Nasdaq:AGBBX)(Nasdaq:AGRCX)
AllianceBernstein Select Investor Series Biotechnology Portfolio (Nasdaq:ASBAX)(Nasdaq:AIBBX)(Nasdaq:ASBCX)
AllianceBernstein Small CapValue Fund (Nasdaq:ABASX) (Nasdaq:ABBSX)(Nasdaq:ABCSX)
AllianceBernstein Premier Growth Fund (Nasdaq:APGAX) (Nasdaq:APGBX)(Nasdaq:APGCX)
AllianceBernstein Select Investor Series Technology Portfolio (Nasdaq:AITAX)(Nasdaq:AITBX)(Nasdaq:AITCX)
AllianceBernstein Value Fund (Nasdaq:ABVAX)(Nasdaq:ABVBX) (Nasdaq:ABVCX)
AllianceBernstein Quasar Fund (Nasdaq:QUASX)(Nasdaq:QUABX) (Nasdaq:QUACX)
AllianceBernstein Technology Fund (Nasdaq:ALTFX) (Nasdaq:ATEBX)(Nasdaq:ATECX)
AllianceBernstein Select Investor Series Premier Portfolio (Nasdaq:ASPAX)(Nasdaq:ASPBX)(Nasdaq:ASPCX)
AllianceBernstein Utility Income Fund (Nasdaq:AUIAX) (Nasdaq:AUIBX)(Nasdaq:AUICX)
VALUE FUNDS
AllianceBernstein Balanced Shares (Nasdaq:CABNX) (Nasdaq:CABBX)(Nasdaq:CBACX)
AllianceBernstein Disciplined Value Fund (Nasdaq:ADGAX) (Nasdaq:ADGBX)(Nasdaq:ADGCX)
AllianceBernstein Global Value Fund (Nasdaq:ABAGX) (Nasdaq:ABBGX)(Nasdaq:ABCGX)
AllianceBernstein International Value Fund (Nasdaq:ABIAX) (Nasdaq: ABIBX) (Nasdaq: ABICX)
AllianceBernstein Real Estate Investment Fund (Nasdaq:AREAX) (Nasdaq:AREBX)(Nasdaq:ARECX)
AllianceBernstein Small Cap Value Fund (Nasdaq:ABASX) (Nasdaq:ABBSX)(Nasdaq:ABCSX)
AllianceBernstein Utility Income Fund (Nasdaq:AUIAX) (Nasdaq:AUIBX)(Nasdaq:AUICX)
AllianceBernstein Value Fund (Nasdaq:ABVAX) (Nasdaq:ABVBX) (Nasdaq:AVBCX)
BLENDED STYLE SERIES
AllianceBernstein Blended Style Series – U.S. Large Cap Portfolio (Nasdaq:ABBAX)(Nasdaq:ABBAX)(Nasdaq:ABBCX)
GLOBAL & INTERNATIONAL STOCK FUNDS
AllianceBernstein All-Asia Investment Fund (Nasdaq:AALAX) (Nasdaq:AAABX)(Nasdaq:AAACX)
AllianceBernstein Global Value Fund (Nasdaq:ABAGX) (Nasdaq:ABBGX)(Nasdaq:ABCGX)
AllianceBernstein Greater China ’97 Fund (Nasdaq:GCHAX) (Nasdaq:GCHBX)(Nasdaq:GCHCX)
AllianceBernstein International Premier Growth Fund (Nasdaq:AIPAX)(Nasdaq:AIPBX)(Nasdaq:AIPCX)
AllianceBernstein International Value Fund (Nasdaq:ABIAX) (Nasdaq:ABIBX)(Nasdaq:ABICX)
AllianceBernstein Global Small Cap Fund (Nasdaq:GSCAX) (Nasdaq:AGCBX)(Nasdaq:GSCCX)
AllianceBernstein New Europe Fund (Nasdaq:ANEAX) (Nasdaq:ANEBX)(Nasdaq:ANECX)
AllianceBernstein Worldwide Privatization Fund (Nasdaq:AWPAX)(Nasdaq:AWPBX)(Nasdaq:AWPCX)
SELECT INVESTOR SERIES
AllianceBernstein Select Investor Series Biotechnology Portfolio (Nasdaq:ASBAX)(Nasdaq:AIBBX)(Nasdaq:ASBCX)
AllianceBernstein Select Investor Series Premier Portfolio (Nasdaq:ASPAX)(Nasdaq:ASPBX)(Nasdaq:ASPCX)
AllianceBernstein Select Investor Series Technology Portfolio (Nasdaq:AITAX)(Nasdaq:AITBX)(Nasdaq:AITCX)
TAXABLE BOND FUNDS
AllianceBernstein Americas Government Income Trust (Nasdaq:ANAGX)(Nasdaq:ANABX)(Nasdaq:ANACX)
AllianceBernstein Bond Fund Corporate Bond Portfolio (Nasdaq:CBFAX)(Nasdaq:CBFBX)(Nasdaq:CBFCX)
AllianceBernstein Bond Fund Quality Bond Portfolio (Nasdaq:ABQUX)(Nasdaq:ABQBX)(Nasdaq:ABQCX)
AllianceBernstein Bond Fund U.S. Government Portfolio (Nasdaq:ABUSX)(Nasdaq:ABUBX)(Nasdaq:ABUCX)
AllianceBernstein Emerging Market Debt Fund (Nasdaq:AGDAX) (Nasdaq:AGDBX)(Nasdaq:AGDCX)
AllianceBernstein Global Strategic Income Trust (Nasdaq:AGSAX)(Nasdaq:AGSBX)(Nasdaq:AGCCX)
AllianceBernstein High Yield Fund (Nasdaq:AHYAX) (Nasdaq:AHHBX)(Nasdaq:AHHCX)
AllianceBernstein Multi-Market Strategy Trust (Nasdaq:AMMSX)(Nasdaq:AMMBX)(Nasdaq:AMMCX)
AllianceBernstein Short Duration (Nasdaq:ADPAX) (Nasdaq:ADPBX)(Nasdaq:ADPCX)
TAX-EXEMPT BOND FUNDS
AllianceBernstein Intermediate California Muni Portfolio (Nasdaq:AICBX)(Nasdaq:ACLBX)(Nasdaq:ACMCX)
AllianceBernstein Intermediate Diversified Muni Portfolio (Nasdaq:AIDAX)(Nasdaq:AIDBX)(Nasdaq:AIMCX)
AllianceBernstein Intermediate New York Muni Portfolio: (Nasdaq:ANIAX)(Nasdaq:ANYBX)(Nasdaq:ANMCX)
AllianceBernstein Muni Income Fund National Portfolio (Nasdaq:ALTHX)(Nasdaq:ALTBX)(Nasdaq:ALNCX)
AllianceBernstein Muni Income Fund Arizona Portfolio (Nasdaq:AAZAX)(Nasdaq:AAZBX)(Nasdaq:AAZCX)
AllianceBernstein Muni Income Fund California Portfolio (Nasdaq:ALCAX)(Nasdaq:ALCBX)(Nasdaq:ACACX)
AllianceBernstein Muni Income Fund Insured California Portfolio (Nasdaq:BUICX)(Nasdaq:BUIBX)(Nasdaq:BUCCX)
AllianceBernstein Muni Income Fund Insured National Portfolio (Nasdaq:CABTX)(Nasdaq:CBBBX)(Nasdaq:CACCX)
AllianceBernstein Muni Income Fund Florida Portfolio (Nasdaq:AFLAX)(Nasdaq:AFLBX)(Nasdaq:AFLCX)
AllianceBernstein Muni Income Fund Massachusetts Portfolio (Nasdaq:AMAAX) (Nasdaq:AMABX)
AllianceBernstein Muni Income Fund Michigan Portfolio (Nasdaq:AMIAX)(Nasdaq:AMIBX)(Nasdaq:AMICX)
AllianceBernstein Muni Income Fund Minnesota Portfolio (Nasdaq:AMNAX)(Nasdaq:AMNBX)(Nasdaq:AMNCX)
AllianceBernstein Muni Income Fund New Jersey Portfolio (Nasdaq:ANJAX)(Nasdaq:ANJBX)(Nasdaq:ANJCX)
AllianceBernstein Muni Income Fund New York Portfolio (Nasdaq:ALNYX)(Nasdaq:ALNBX)(Nasdaq:ANYCX)
AllianceBernstein Muni Income Fund Ohio Portfolio (Nasdaq:AOHAX)(Nasdaq:AOHBX)(Nasdazq:AOHCX)
AllianceBernstein Muni Income Fund Pennsylvania Portfolio (Nasdaq:APAAX)(Nasdaq:APABX)(Nasdaq:APACX)
AllianceBernstein Muni Income Fund Virginia Portfolio (Nasdaq:AVAAX)(Nasdaq:AVABX)(Nasdaq:AVACX)
A copy of the Complaint is available from the court or from Glancy & Binkow LLP. Please contact us by phone to discuss this action or obtain a copy of the Complaint at (310) 201-9161 or Toll Free at (888) 773-9224, by email at [email protected], or visit our website at www.glancylaw.com.
The Complaint charges Alliance Capital Management Holding L.P., Alliance Capital Management Corporation, Alliance Capital Management, L.P., AXA Financial, Inc., each of the registrants for the Funds, Gerald Malone, Charles Schaffran, Edward J. Stern, Canary Capital Partners, LLC, Canary Investment Management, LLC, Canary Capital Partners, Ltd, each of the Funds, and John Does 1-100 with violations of 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, certain of the defendants failed to disclose that they improperly allowed certain hedge funds, including Canary and certain Alliance hedge funds, to engage in “late trading” and “timing” of the Funds’ 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. Late trading and timing injure ordinary mutual fund investors – who are not allowed to engage in such practices – and are acknowledged as improper practices by the Funds. 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 prospectuses of the Funds, which falsely represented that the Funds actively police against timing and represented that post-4 p.m. EST trades will be priced based on the next day’s net asset value and that premature redemptions will be assessed a charge.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the Class described above, you may move the Court, not later than December 1, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161 or Toll Free at (888) 773-9224 or by e-mail to [email protected].
CONTACT: Glancy & Binkow LLP Lionel Z. Glancy Michael Goldberg (310) 201-9150 (888) 773-9224 [email protected] www.glancylaw.com
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