NEW YORK, NY — (MARKET WIRE) — 11/19/2003 — A class action lawsuit was commenced in the United States District Court for Southern District of New York on behalf of all persons who purchased orotherwise acquired shares or other ownership units of one or more of the mutual funds in the AllianceBernstein family of funds, which are managed by Alliance Capital Management Holding L.P. (NYSE:AC), from October 2, 1998 through September 29, 2003, inclusive (the “Class Period”). A copy of the complaint is available from the Court or from Bernstein Liebhard & Lifshitz, LLP. Pleasevisit our website at http://www.bernlieb.com or contact us at (800) 217-1522 or by email at [email protected].
The following funds are subject to the above class action lawsuit:
AllianceBernstein Growth & Income Fund (CABDX, CBBDX, CBBCX) AllianceBernstein Health Care Fund (AHLAX, AHLBX, AHLCX) AllianceBernstein Disciplined Value Fund (ADGAX, ADGBX, ADGCX) AllianceBernstein Mid-Cap Growth (CHCAX, CHCBX, CHCCX) AllianceBernstein Real Estate Investment Fund (AREAX, AREBX, ARECX) AllianceBernstein Growth Fund (AGRFX, AGBBX, AGRCX) AllianceBernstein Select Investor Series Biotechnology Portfolio (ASBAX, AIBBX, ASBCX) AllianceBernstein Small CapValue Fund (ABASX, ABBSX, ABCSX) AllianceBernstein Premier Growth Fund (APGAX, APGBX APGCX) AllianceBernstein Select Investor Series Technology Portfolio (AITAX, AITBX, AITCX) AllianceBernstein Value Fund (ABVAX, ABVBX, ABVCX) AllianceBernstein Quasar Fund (QUASX, QUABX, QUACX) AllianceBernstein Technology Fund (ALTFX, ATEBX, ATECX) AllianceBernstein Select Investor Series Premier Portfolio (ASPAX, ASPBX, ASPCX) AllianceBernstein Utility Income Fund (AUIAX, AUIBX, AUICX) AllianceBernstein Balanced Shares (CABNX, CABBX, CBACX) AllianceBernstein Disciplined Value Fund (ADGAX, ADGBX, ADGCX) AllianceBernstein Global Value Fund (ABAGX, ABBGX, ABCGX) AllianceBernstein International Value Fund (ABIAX, ABIBX, ABICX) AllianceBernstein Real Estate Investment Fund (AREAX, AREBX, ARECX) AllianceBernstein Small Cap Value Fund (ABASX, ABBSX, ABCSX) AllianceBernstein Utility Income Fund (AUIAX, AUIBX, AUICX) AllianceBernstein Value Fund (ABVAX, ABVBX, AVBCX) AllianceBernstein Blended Style Series – U.S. Large Cap Portfolio (ABBAX, ABBAX, ABBCX) AllianceBernstein All-Asia Investment Fund (AALAX, AAABX, AAACX) AllianceBernstein Global Value Fund (ABAGX, ABBGX, ABCGX) AllianceBernstein Greater China ’97 Fund (GCHAX, GCHBX, GCHCX) AllianceBernstein International Premier Growth Fund (AIPAX, AIPBX, AIPCX) AllianceBernstein International Value Fund (ABIAX, ABIBX, ABICX) AllianceBernstein Global Small Cap Fund (GSCAX, AGCBX, GSCCX) AllianceBernstein New Europe Fund (ANEAX, ANEBX, ANECX) AllianceBernstein Worldwide Privatization Fund (AWPAX, AWPBX, AWPCX) AllianceBernstein Select Investor Series Biotechnology Portfolio (ASBAX, AIBBX, ASBCX) AllianceBernstein Select Investor Series Premier Portfolio (ASPAX, ASPBX, ASPCX) AllianceBernstein Select Investor Series Technology Portfolio (AITAX, AITBX, AITCX) AllianceBernstein Americas Government Income Trust (ANAGX, ANABX, ANACX) AllianceBernstein Bond Fund Corporate Bond Portfolio (CBFAX, CBFBX, CBFCX) AllianceBernstein Bond Fund Quality Bond Portfolio (ABQUX, ABQBX, ABQCX) AllianceBernstein Bond Fund U.S. Government Portfolio (ABUSX, ABUBX ABUCX) AllianceBernstein Emerging Market Debt Fund (AGDAX, AGDBX, AGDCX) AllianceBernstein Global Strategic Income Trust (AGSAX, AGSBX, AGCCX) AllianceBernstein High Yield Fund (AHYAX, AHHBX, AHHCX) AllianceBernstein Multi-Market Strategy Trust (AMMSX, AMMBX, AMMCX) AllianceBernstein Short Duration (ADPAX, ADPBX, ADPCX) AllianceBernstein Intermediate California Muni Portfolio (AICBX, ACLBX, ACMCX) AllianceBernstein Intermediate Diversified Muni Portfolio (AIDAX, AIDBX, AIMCX) AllianceBernstein Intermediate New York Muni Portfolio (ANIAX, ANYBX, ANMCX) AllianceBernstein Muni Income Fund National Portfolio (ALTHX, ALTBX, ALNCX) AllianceBernstein Muni Income Fund Arizona Portfolio (AAZAX, AAZBX, AAZCX) AllianceBernstein Muni Income Fund California Portfolio (ALCAX, ALCBX, ACACX) AllianceBernstein Muni Income Fund Insured California Portfolio (BUICX, BUIBX, BUCCX) AllianceBernstein Muni Income Fund Insured National Portfolio (CABTX, CBBBX, CACCX) AllianceBernstein Muni Income Fund Florida Portfolio (AFLAX, AFLBX, AFLCX) AllianceBernstein Muni Income Fund Massachusetts Portfolio (AMAAX, AMABX) AllianceBernstein Muni Income Fund Michigan Portfolio (AMIAX, AMIBX, AMICX) AllianceBernstein Muni Income Fund Minnesota Portfolio (AMNAX, AMNBX, AMNCX) AllianceBernstein Muni Income Fund New Jersey Portfolio (ANJAX, ANJBX, ANJCX) AllianceBernstein Muni Income Fund New York Portfolio (ALNYX, ALNBX, ANYCX) AllianceBernstein Muni Income Fund Ohio Portfolio (AOHAX, AOHBX, AOHCX) AllianceBernstein Muni Income Fund Pennsylvania Portfolio (APAAX, APABX, APACX) AllianceBernstein Muni Income Fund Virginia Portfolio (AVAAX, AVABX, AVACX)
The complaint charges defendants with violations of Sections 11 and 15 of the Securities Act of 1933. The complaint alleges that during the Class Period defendants engaged in an unlawful and deceitful course of conduct designed to improperly financially advantage defendants to the detriment of plaintiff and the other members of the Class. As part and parcel of defendants’ unlawful conduct, in clear contravention of their fiduciary responsibilities, and disclosure obligations, failed to properly disclose: (i) that select favored customers were allowed to engage in illegal “late trading,” a practice, more fully described herein, whereby an investor may place an order to purchase fund shares after 4:00 p.m. and have that order filled at that day’s closing net asset value; and (ii) that select favored customers were improperly allowed to “time” their mutual fund trades. Such timing, as more fully described herein, improperly allows an investor to trade in and out of a mutual fund to exploit short-term moves and inefficiencies in the manner in which the mutual funds price their shares.
On September 30, 2003, before the market opened, Alliance Capital Management, L.P. issued a press release revealing that it had been contacted by the Securities and Exchange Commission and the New York State Attorney General’s Office in connection with the regulators’ investigation of the mutual fund industry’s practices of late trading and market timing. Alliance Capital Management announced that as a result of its own internal investigation, it had identified conflicts of interests with respect to market timing transactions, leading to the suspension of defendant Gerald Malone, a portfolio manager of certain AllianceBernstein Funds and defendant Charles Schaffran, an executive salesperson of Alliance hedge funds.
Subsequently, on October 1, 2003, The Wall Street Journal reported that defendants Malone and Schaffran allowed certain investors to make rapid trades in 3 AllianceBernstein Funds that were managed by Malone, in exchange for large investments in certain Alliance hedge funds also managed by Malone. Moreover, the article stated that according to documents produced by Alliance Capital Management pursuant to a subpoena by the Attorney General’s Office, Edward Stern of Canary Capital placed late trades through Bank of America for certain AllianceBernstein Funds. Bank of America has been named as a defendant in numerous recently filed actions concerning its alleged participation in a wrongful and illegal scheme which allowed Canary Capital Partners, LLC to engage in late trading and market timing in mutual fund families, including Janus, One Group, Strong, and Nations funds.
Plaintiff seeks to recover damages on behalf of all persons who purchased or otherwise acquired shares or other ownership units of one or more of the mutual funds in the AllianceBernstein family of funds during the Class Period. If you purchased or otherwise acquired shares or other ownership units of one or more of the mutual funds in the AllianceBernstein family of funds during the Class Period, you may wish to join in the action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than December 1, 2003.
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 Bernstein Liebhard & Lifshitz, LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard & Lifshitz, LLP has been retained as one of the law firms to represent the class. The attorneys at Bernstein Liebhard & Lifshitz, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. For more information about Bernstein Liebhard & Lifshitz, LLP, please visit our website at http://www.bernlieb.com.
If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact Ms. Linda Flood, Director of Shareholder Relations, at Bernstein Liebhard & Lifshitz, LLP, 10 East 40th Street, New York, New York 10016, (800) 217-1522 or 212-779-1414 or by e-mail at [email protected].
Ms. Linda Flood Director of Shareholder Relations Bernstein Liebhard & Lifshitz, LLP 800-217-1522 212-779-1414 [email protected]
