| Company: | Edward Jones & Co. |
| Ticker Symbol: | |
| Class Period: | January 25, 1999 to January 9, 2004 |
| Court: | Eastern District, MO |
| Date Filed: | Jan-23-04 |
| Lead Plaintiff Deadline: | Mar-23-04 |
| Allegations: |
A a class action lawsuit was filed on January 23, 2004, on behalf of purchasers of the securities of any of the Preferred Funds, as defined below, between January 25, 1999 and January 9, 2004, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act").
The action, numbered 04CV00086 AGF, is pending in the United States District Court for the Eastern District of Missouri against defendants Edward Jones & Co., L.P. ("Edward Jones"), John W. Bachmann, Douglas E. Hill, Michael R. Holmes, Richie L. Malone, Steven Novik, Darryl L. Pope and Robert Virgil Jr. The action is brought on behalf of purchasers of shares or units in any of the following mutual fund families (the "Preferred Funds") during the Class Period:
-- Lord Abbett Funds
-- American Funds
-- Federated Funds
-- Goldman Sachs Funds
-- Hartford Mutual Funds
-- Putnam Funds; and
-- Van Kampen Funds
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 the market during the Class Period.
The complaint alleges that defendants, in clear contravention of their disclosure obligations under the securities laws, failed to disclose that Edward Jones received valuable incentive payments -- valued reportedly at $100 million per year -- from the Preferred Funds, or their affiliates, in return for Edward Jones recommending those funds to its clients, and otherwise steering its clients to purchase interests in those funds. Edward Jones' undisclosed arrangements operated as a fraudulent scheme that exploited the misplaced trust of its clients, which Edward Jones carefully cultivated by falsely representing, on its Web site and in other public documents, that it considers each clients' "unique financial objectives" in tailoring supposedly appropriate investments, and using similar representations. In fact, throughout the Class Period, Edward Jones pushed its brokers to sell only certain mutual funds because (unbeknownst to Class members) it was paid to do so. On January 9, 2004, The Wall Street Journal exposed Edward Jones' scheme in an article that detailed Edward Jones' wrongdoing based on an investigation that included interviews with 18 former and current Edward Jones brokers.
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 04CV00086 AGF, is pending in the United States District Court for the Eastern District of Missouri against defendants Edward Jones & Co., L.P. ("Edward Jones"), John W. Bachmann, Douglas E. Hill, Michael R. Holmes, Richie L. Malone, Steven Novik, Darryl L. Pope and Robert Virgil Jr. The action is brought on behalf of purchasers of shares or units in any of the following mutual fund families (the "Preferred Funds") during the Class Period:
-- Lord Abbett Funds
-- American Funds
-- Federated Funds
-- Goldman Sachs Funds
-- Hartford Mutual Funds
-- Putnam Funds; and
-- Van Kampen Funds
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 the market during the Class Period.
The complaint alleges that defendants, in clear contravention of their disclosure obligations under the securities laws, failed to disclose that Edward Jones received valuable incentive payments -- valued reportedly at $100 million per year -- from the Preferred Funds, or their affiliates, in return for Edward Jones recommending those funds to its clients, and otherwise steering its clients to purchase interests in those funds. Edward Jones' undisclosed arrangements operated as a fraudulent scheme that exploited the misplaced trust of its clients, which Edward Jones carefully cultivated by falsely representing, on its Web site and in other public documents, that it considers each clients' "unique financial objectives" in tailoring supposedly appropriate investments, and using similar representations. In fact, throughout the Class Period, Edward Jones pushed its brokers to sell only certain mutual funds because (unbeknownst to Class members) it was paid to do so. On January 9, 2004, The Wall Street Journal exposed Edward Jones' scheme in an article that detailed Edward Jones' wrongdoing based on an investigation that included interviews with 18 former and current Edward Jones brokers.
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.
