| Company: | American Express Financial Advisors, Inc. |
| Ticker Symbol: | |
| Class Period: | March 10, 1999 to February 9, 2004 |
| Court: | Central District, CA |
| Date Filed: | Mar-04-04 |
| Lead Plaintiff Deadline: | May-03-04 |
| Allegations: |
A class action lawsuit was filed on March 4, 2004, on behalf of clients of American Express Financial Advisors, Inc. ("AEFA") who purchased mutual funds in the American Express family of mutual funds between March 10, 1999 and February 9, 2004 (the "Class Period") seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Advisers Act of 1940 (the "Investment Advisors Act") and common law.
The action, numbered 04CV1773 (DAB), is pending in the United States District Court for the Southern District of New York against the American Express Company ("AEC"), American Express Financial Corporation ("AEFC") and AEFA. The action is brought on behalf of AEFA clients who purchased units of AEC mutual funds during the Class Period.
According to the complaint, defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission, and all amendments thereto, by issuing a series of material misrepresentations to AEFA clients during the Class Period. Specifically, the complaint alleges that AEFA, through its financial advisors, purported to provide objective investment and financial planning advice based on each client's particular circumstances in life but, in fact, had an undisclosed interest in pushing AEC Funds and certain other preferred funds, which were among the poorest performing mutual funds on the market. The Complaint further alleges that class members were harmed by defendants' fraudulent conduct because they paid AEFA a substantial fee and believed they were receiving objective advice when, in fact, AEFA financial advisors were strongly motivated to and did advise their clients to purchase AEC Funds and certain other preferred funds. The Complaint further alleges that because of such deception and manipulation, AEFA clients were prevented from making fully informed investment decisions and that their trust reposed in their AEFA advisors was violated.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The action, numbered 04CV1773 (DAB), is pending in the United States District Court for the Southern District of New York against the American Express Company ("AEC"), American Express Financial Corporation ("AEFC") and AEFA. The action is brought on behalf of AEFA clients who purchased units of AEC mutual funds during the Class Period.
According to the complaint, defendants violated sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission, and all amendments thereto, by issuing a series of material misrepresentations to AEFA clients during the Class Period. Specifically, the complaint alleges that AEFA, through its financial advisors, purported to provide objective investment and financial planning advice based on each client's particular circumstances in life but, in fact, had an undisclosed interest in pushing AEC Funds and certain other preferred funds, which were among the poorest performing mutual funds on the market. The Complaint further alleges that class members were harmed by defendants' fraudulent conduct because they paid AEFA a substantial fee and believed they were receiving objective advice when, in fact, AEFA financial advisors were strongly motivated to and did advise their clients to purchase AEC Funds and certain other preferred funds. The Complaint further alleges that because of such deception and manipulation, AEFA clients were prevented from making fully informed investment decisions and that their trust reposed in their AEFA advisors was violated.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
