A class action lawsuit was filed on November 30, 2004, in the United States District Court for the District of Maryland, on behalf of all purchasers, redeemers and holders of shares of the RS family of mutual funds (collectively, the "RS Funds"), which are managed by RS Investment Management, L.P., between October 6, 1999 and October 5, 2004 (the "Class Period").
The following RS Funds are subject to this lawsuit:
RS Diversified Growth Fund (Nasdaq: RSDGX)
RS Emerging Growth Fund (Nasdaq: RSEGX)
RS Growth Fund (Nasdaq: RSVPX)
RS Information Age Fund (Nasdaq: RSIFX)
RS Internet Age Fund (Nasdaq: RIAFX)
RS Midcap Opportunities Fund (Nasdaq: RSMOX)
RS Smaller Company Growth Fund (Nasdaq: RSSGX)
RS Contrarian Value Fund (Nasdaq: RSCOX)
RS Global Natural Resources Fund (Nasdaq: RSNRX)
RS Partner Fund (Nasdaq: RSPFX)
The complaint charges defendants RS Investment Trust, RS Investment Management, L.P., G. Randall Hecht, Steven M. Cohen, James L. Callinan, and the John Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act")and the Securities Exchange Act of 1934 (the "Exchange Act"). The Complaint alleges that during the Class Period the defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the RS Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including the John Doe Defendants, to illegally engage in "timing" of the RS Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the RS Funds' prospectuses.
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 following RS Funds are subject to this lawsuit:
RS Diversified Growth Fund (Nasdaq: RSDGX)
RS Emerging Growth Fund (Nasdaq: RSEGX)
RS Growth Fund (Nasdaq: RSVPX)
RS Information Age Fund (Nasdaq: RSIFX)
RS Internet Age Fund (Nasdaq: RIAFX)
RS Midcap Opportunities Fund (Nasdaq: RSMOX)
RS Smaller Company Growth Fund (Nasdaq: RSSGX)
RS Contrarian Value Fund (Nasdaq: RSCOX)
RS Global Natural Resources Fund (Nasdaq: RSNRX)
RS Partner Fund (Nasdaq: RSPFX)
The complaint charges defendants RS Investment Trust, RS Investment Management, L.P., G. Randall Hecht, Steven M. Cohen, James L. Callinan, and the John Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act")and the Securities Exchange Act of 1934 (the "Exchange Act"). The Complaint alleges that during the Class Period the defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the RS Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including the John Doe Defendants, to illegally engage in "timing" of the RS Funds whereby these favored investors were permitted to conduct short-term, "in and out" trading of mutual fund shares, despite explicit restrictions on such activity in the RS Funds' prospectuses.
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.
