NEW YORK–(BUSINESS WIRE)–Oct. 20, 2003–Notice is hereby given that a class action lawsuit was filed on October 20, 2003, in the United States District Court for the Southern District of New York,on behalf of purchasers of the securities of the AllianceBernstein family of funds (the “Funds”) owned and operated by Alliance Capital Management Holding L.P. (NYSE:AC), and its subsidiaries andother affiliates, between October 2, 1998 and September 29, 2003, inclusive (the “Class Period”), against defendants 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 InvestmentManagement, LLC, Canary Capital Partners, Ltd., each of the Funds, and John Does 1-100, seeking to pursue remedies under the Securities Exchange Act of 1934, the Securities Act of 1933 and theInvestment Advisers Act of 1940. The Funds, and the symbols for the respective Funds named below, are as follows: <pre><br> U.S. Stock Funds<br><br>AllianceBernstein Growth& Income Fund (Sym: NASDAQ:CABDX, <br>NASDAQ:CBBDX, NASDAQ:CBBCX)<br>AllianceBernstein Health Care Fund (Sym: NASDAQ:AHLAX, NASDAQ:AHLBX,<br>NASDAQ:AHLCX)<br>AllianceBernstein Disciplined Value Fund (Sym: NASDAQ:ADGAX, <br>NASDAQ:ADGBX, NASDAQ:ADGCX)<br>AllianceBernstein Mid-Cap Growth (Sym: NASDAQ:CHCAX,NASDAQ:CHCBX, <br>NASDAQ:CHCCX)<br>AllianceBernstein Real Estate Investment Fund (Sym: NASDAQ:AREAX, <br>NASDAQ:AREBX, NASDAQ:ARECX)<br>AllianceBernstein Growth Fund (Sym:NASDAQ:AGRFX, NASDAQ:AGBBX, <br>NASDAQ:AGRCX)<br>AllianceBernstein Select Investor Series Biotechnology Portfolio<br>(Sym: NASDAQ:ASBAX, NASDAQ:AIBBX,NASDAQ:ASBCX)<br>AllianceBernstein Small CapValue Fund (Sym: NASDAQ:ABASX, <br>NASDAQ:ABBSC, NASDAQ:ABCSX)<br>AllianceBernstein Premier Growth Fund (Sym: NASDAQ:APGAX,<br>NASDAQ:APGBX, NASDAQ:APGCX)<br>AllianceBernstein Select Investor Series Technology Portfolio<br>(Sym: NASDAQ:AITAX, NASDAQ:AITBX, NASDAQ:AITCX)<br>AllianceBernstein ValueFund (Sym: NASDAQ:ABVAX, NASDAQ:ABVBX, <br>NASDAQ:ABVCX)<br>AllianceBernstein Quasar Fund (Sym: NASDAQ:QUASX, NASDAQ:QUABX, <br>NASDAQ:QUACX)<br>AllianceBernstein TechnologyFund (Sym: NASDAQ:ALTFX, NASDAQ:ATEBX, <br>NASDAQ:ATECX)<br>AllianceBernstein Select Investor Series Premier Portfolio <br>(Sym: NASDAQ:ASPAX, NASDAQ:ASPBX,NASDAQ:ASPCX)<br>AllianceBernstein Utility Income Fund (Sym: NASDAQ:AUIAX, <br>NASDAQ:AUIBX, NASDAQ:AUICX)<br><br> Value Funds<br><br>AllianceBernstein BalancedShares (Sym: NASDAQ:CABNX, NASDAQ:CABBX, <br>NASDAQ:CBACX)<br>AllianceBernstein Disciplined Value Fund (Sym: NASDAQ:ADGAX, <br>NASDAQ:ADGBX, NASDAQ:ADGCX)<br>AllianceBernsteinGlobal Value Fund (Sym: NASDAQ:ABAGX, NASDAQ:ABBGX, <br>NASDAQ:ABCGX)<br>AllianceBernstein International Value Fund (Sym: NASDAQ:ABIAX, <br>NASDAQ:ABIBX,NASDAQ:ABICX)<br>AllianceBernstein Real Estate Investment Fund (Sym: NASDAQ:AREAX, <br>NASDAQ:AREBX, NASDAQ:ARECX)<br>AllianceBernstein Small Cap Value Fund (Sym: NASDAQ:ABASX,<br>NASDAQ:ABBSX, NASDAQ:ABCSX)<br>AllianceBernstein Utility Income Fund (Sym: NASDAQ:AUIAX, <br>NASDAQ:AUIBX, NASDAQ:AUICX)<br>AllianceBernstein Value Fund (Sym:NASDAQ:ABVAX, NASDAQ:ABVBX, <br>NASDAQ:AVBCX)<br><br> Blended Style Series<br><br>U.S. Large Cap Portfolio (Sym: NASDAQ:ABBAX, NASDAQ:ABBAX,<br>NASDAQ:ABBCX)<br><br> Global & International Stock Funds<br><br>AllianceBernstein All-Asia Investment Fund (Sym: NASDAQ:AALAX, <br>NASDAQ:AAABX,NASDAQ:AAACX)<br>AllianceBernstein Global Value Fund (Sym: NASDAQ:ABAGX, NASDAQ:ABBGX, <br>NASDAQ:ABCGX)<br>AllianceBernstein Greater China ’97 Fund (Sym: NASDAQ:GCHAX,<br>NASDAQ:GCHBX, NASDAQ:GCHCX)<br>AllianceBernstein International Premier Growth Fund <br>(Sym: NASDAQ:AIPAX, NASDAQ:AIPBX, NASDAQ:AIPCX)<br>AllianceBernstein InternationalValue Fund (Sym: NASDAQ:ABIAX, <br>NASDAQ:ABIBX, NASDAQ:ABICX)<br>AllianceBernstein Global Small Cap Fund (Sym: NASDAQ:GSCAX, <br>NASDAQ:AGCBX,NASDAQ:GSCCX)<br>AllianceBernstein New Europe Fund (Sym: NASDAQ:ANEAX, NASDAQ:ANEBX, <br>NASDAQ:ANECX)<br>AllianceBernstein Worldwide Privatization Fund (Sym: NASDAQ:AWPAX,<br>NASDAQ:AWPBX, NASDAQ:AWPCX)<br><br> Select Investor Series<br><br>AllianceBernstein Select Investor Series Biotechnology Portfolio<br>(Sym: NASDAQ:ASBAX,NASDAQ:AIBBX, NASDAQ:ASBCX)<br>AllianceBernstein Select Investor Series Premier Portfolio <br>(Sym: NASDAQ:ASPAX, NASDAQ:ASPBX, NASDAQ:ASPCX)<br>AllianceBernstein Select InvestorSeries Technology Portfolio<br>(Sym: NASDAQ:AITAX, NASDAQ:AITBX, NASDAQ:AITCX)<br><br> Taxable Bond Funds<br><br>AllianceBernstein Americas Government Income Trust (Sym:NASDAQ:ANAGX,<br>NASDAQ:ANABX, NASDAQ:ANACX)<br>AllianceBernstein Bond Fund Corporate Bond Portfolio <br>(Sym: NASDAQ:CBFAX, NASDAQ:CBFBX, NASDAQ:CBFCX)<br>AllianceBernsteinBond Fund Quality Bond Portfolio (Sym: NASDAQ:ABQUX,<br>NASDAQ:ABQBX, NASDAQ:ABQCX)<br>AllianceBernstein Bond Fund U.S. Government Portfolio <br>(Sym: NASDAQ:ABUSX, NASDAQ:ABUBX,NASDAQ:ABUCX)<br>AllianceBernstein Emerging Market Debt Fund (Sym: NASDAQ:AGDAX, <br>NASDAQ:AGDBX, NASDAQ:AGDCX)<br>AllianceBernstein Global Strategic Income Trust (Sym:NASDAQ:AGSAX, <br>NASDAQ:AGSBX, NASDAQ:AGCCX)<br>AllianceBernstein High Yield Fund (Sym: NASDAQ:AHYAX, NASDAQ:AHHBX, <br>NASDAQ:AHHCX)<br>AllianceBernstein Multi-MarketStrategy Trust (Sym: NASDAQ:AMMSX, <br>NASDAQ:AMMBX, NASDAQ:AMMCX)<br>AllianceBernstein Short Duration (Sym: NASDAQ:ADPAX, NASDAQ:ADPBX, <br>NASDAQ:ADPCX)<br><br>Tax-Exempt Bond Funds<br><br>AllianceBernstein Intermediate California Muni Portfolio <br>(Sym: NASDAQ:AICBX, NASDAQ:ACLBX, NASDAQ:ACMCX)<br>AllianceBernstein IntermediateDiversified Muni Portfolio <br>(Sym: NASDAQ:AIDAX, NASDAQ:AIDBX, NASDAQ:AIMCX)<br>AllianceBernstein Intermediate New York Muni Portfolio <br>(Sym: NASDAQ:ANIAX, NASDAQ:ANYBX,NASDAQ:ANMCX)<br>AllianceBernstein Muni Income Fund National Portfolio <br>(Sym: NASDAQ:ALTHX, NASDAQ:ALTBX, NASDAQ:ALNCX)<br>AllianceBernstein Muni Income Fund Arizona Portfolio<br>(Sym: NASDAQ:AAZAX, NASDAQ:AAZBX, NASDAQ:AAZCX)<br>AllianceBernstein Muni Income Fund California Portfolio <br>(Sym: NASDAQ:ALCAX, NASDAQ:ALCBX,NASDAQ:ACACX)<br>AllianceBernstein Muni Income Fund Insured California Portfolio<br>(Sym: NASDAQ:BUICX, NASDAQ:BUIBX, NASDAQ:BUCCX)<br>AllianceBernstein Muni Income Fund InsuredNational Portfolio<br>(Sym: NASDAQ:CABTX, NASDAQ:CBBBX, NASDAQ:CACCX)<br>AllianceBernstein Muni Income Fund Florida Portfolio (Sym: <br>NASDAQ:AFLAX, NASDAQ:AFLBX,NASDAQ:AFLCX)<br>AllianceBernstein Muni Income Fund Massachusetts Portfolio <br>(Sym: NASDAQ:AMAAX, NASDAQ:AMABX)<br>AllianceBernstein Muni Income Fund Michigan Portfolio<br>(Sym: NASDAQ:AMIAX, NASDAQ:AMIBX, NASDAQ:AMICX)<br>AllianceBernstein Muni Income Fund Minnesota Portfolio <br>(Sym: NASDAQ:AMNAX, NASDAQ:AMNBX,NASDAQ:AMNCX)<br>AllianceBernstein Muni Income Fund New Jersey Portfolio <br>(Sym: NASDAQ:ANJAX, NASDAQ:ANJBX, NASDAQ:ANJCX)<br>AllianceBernstein Muni Income Fund New York Portfolio<br>(Sym: NASDAQ:ALNYX, NASDAQ:ALNBX, NASDAQ:ANYCX)<br>AllianceBernstein Muni Income Fund Ohio Portfolio (Sym: NASDAQ:AOHAX, <br>NASDAQ:AOHBX,NASDAQ:AOHCX)<br>AllianceBernstein Muni Income Fund Pennsylvania Portfolio <br>(Sym: NASDAQ:APAAX, NASDAQ:APABX, NASDAQ:APACX)<br>AllianceBernstein Muni Income Fund VirginiaPortfolio <br>(Sym: NASDAQ:AVAAX, NASDAQ:AVABX, NASDAQ:AVACX)<br><br> Investors in the State of Rhode Island 529 Plan, known as the<br>CollegeBoundfund_, may have invested inone or more of the funds<br>listed below:<br><br>AllianceBernstein Growth & Income Fund<br>AllianceBernstein Mid-Cap Growth Fund<br>AllianceBernstein Premier GrowthFund<br>AllianceBernstein Quasar Fund<br>AllianceBernstein Technology Fund<br>AllianceBernstein Quality Bond Portfolio<br>AllianceBernstein International ValueFund<br>AllianceBernstein Small Cap Value Fund<br>AllianceBernstein Value Fund<br></pre>
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, 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 filed 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 and which ordinary investors are told that the funds police. 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, among others, the law firm of Stull, Stull & Brody. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions.
If you purchased the securities of any of the Funds between October 2, 1998 and September 29, 2003, you may, no later than December 1, 2003, request 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 Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action.
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 Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at [email protected], or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.
