<body.content> <block> <p>NEW YORK, Dec. 2 /PRNewswire/ — The law firm of Zimmerman Levi & Korsinsky LLP has filed a class action lawsuit in the United States DistrictCourt for the Eastern District of Pennsylvania on behalf of all purchasers, redeemers and holders of shares of the PBHG Family of Funds operated by the subsidiary of South African based financialservices company, Old Mutual plc , Old Mutual Asset Management and its member firm Pilgrim Baxter & Associates, Ltd. (“Pilgrim Baxter”), between November 24, 1998 and November 12, 2003,inclusive (the “Class Period”).</p> <p>The Complaint alleges, among other things, that defendants violated the securities laws by failing to disclose that certain hedge funds, such asAppalachian Trails, were permitted to engage in “late trading” and “timing” of PBHG mutual funds to the detriment of long-term investors in the funds. 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 allowsfavored 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 allowedto engage in such practices — and are acknowledged as improper practices by the mutual funds. In return for receiving extra fees from Appalachian Trails and other favored investors, Old Mutual,Pilgrim Baxter and its affiliates allowed and facilitated timing and late trading activities in the funds. These practices were not disclosed in the prospectuses of the PBHG mutual funds, whichfalsely 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 redemptionswill be assessed a charge.</p> <p style=”pre” id=”pre1″> The mutual funds subject to this lawsuit are:
PBHG Growth Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBHGX”/></org>
PBHGX PBHG Emerging Growth Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBEGX”/></org>
PBHG Large Cap Growth Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBHLX”/></org>
PBHG Select Growth Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBHEX”/></org>
PBHG Focused Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBFVX”/></org>
PBHG Large Cap Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PLCVX”/></org>
PBHG Large Cap 20 Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PLCPX”/></org>
PBHG Strategic Small Company Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PSSCX”/></org>
PBHG Disciplined Equity Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBDEX”/></org>
PBHG Mid-Cap Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBMCX”/></org>
PBHG Small Cap Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBSVX”/></org>
PBHG Clipper Focus Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBFOX”/></org>
PBHG Small Cap Value Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PSMVX”/></org>
PBHG REIT Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBRTX”/></org>
PBHG Technology & Communications Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBTCX”/></org>
PBHG Capital Preservation Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBCPX”/></org>
PBHG Intermediate Fixed Income Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBFIX”/></org>
PBHG Cash Reserves Fund <org idsrc=”dummy” value=”dummy”><alt-code idsrc=”NASDAQ” value=”PBCXX”/></org>
</p> <p>If you bought, redeemed or owned shares of the PBHG Funds between November 24, 1998 and November 12, 2003, and you wish to serve as lead plaintiff, you must move the Court no later than January 13, 2004. If you are a member of this class, you can join this class action as a lead plaintiff by contacting counsel below. Any member of the purported class may move the Court to serve as lead plaintiff through Zimmerman Levi & Korsinsky LLP or other counsel of their choice, or may choose to do nothing and remain an absent class member.</p> <p>If you have any questions about how you may be able to recover your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you may call or e-mail:</p> <p style=”pre” id=”pre2″> Eduard Korsinsky, Esq.
Zimmerman, Levi & Korsinsky LLP
39 Broadway, Suite 1440
New York, New York 10006
Tel. (212) 363-7500
Fax. (212) 363-7171
Email: <virtloc idsrc=”dummy” value=”dummy”>[email protected]</virtloc> </p> <datasource>Zimmerman, Levi & Korsinsky LLP</datasource> </block> <block class=”contact”> <p>CONTACT: Eduard Korsinsky, Esq. of Zimmerman, Levi & Korsinsky LLP,<br/>+1-212-363-7500, or fax, +1-212-363-7171, or <virtloc idsrc=”dummy” value=”dummy”>[email protected]</virtloc></p> </block> </body.content>
