| Company: | Pilgrim Baxter |
| Ticker Symbol: | NASD: PBHGX, PBEGX, PBHG, PBHLX PBHEX, PBFVX |
| Class Period: | November 13, 1998 through November 13, 2003 |
| Court: | Eastern District, PA |
| Date Filed: | Nov-14-03 |
| Lead Plaintiff Deadline: | Jan-13-04 |
| Allegations: |
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of Pennsylvania on behalf of all purchasers, redeemers and holders of shares of PBHG Growth Fund (Nasdaq: PBHGX), PBHG Emerging Growth Fund (Nasdaq: PBEGX ), PBHG Large Cap Growth Fund (Nasdaq: PBHLX ), PBHG Select Growth Fund (Nasdaq: PBHEX formally known as PBHG Select Equity Fund (Nasdaq: PBHEX)), PBHG Focused Fund (Nasdaq: PBFVX; formally known as PBHG Focused Value Fund (Nasdaq: PBFVX )), PBHG Large Cap Fund (Nasdaq: PLCVX; formally known as PBHG Large Cap Value Fund (Nasdaq: PLCVX )), PBHG Large Cap 20 Fund (Nasdaq: PLCPX), and other PBHG Mutual Funds, which are managed by Pilgrim Baxter & Associated, Ltd. from November 13, 1998 through November 13, 2003, inclusive (the "Class Period").
The following PBHG Mutual Funds are subject to this class action:
PBHG Growth Fund (Nasdaq: PBHGX)
PBHG Emerging Growth Fund (Nasdaq: PBEGX)
PBHG Large Cap Growth Fund (Nasdaq: PBHLX)
PBHG Select Growth Fund (Nasdaq: PBHEX; formally known as PBHG Select Equity Fund (Nasdaq: PBHEX))
PBHG Focused Fund (Nasdaq: PBFVX; formally known as PBHG Focused Value Fund (Nasdaq: PBFVX))
PBHG Large Cap Fund (Nasdaq: PLCVX; formally known as PBHG Large Cap Value Fund (Nasdaq: PLCVX))
PBHG Large Cap 20 Fund (Nasdaq: PLCPX)
PBHG Strategic Small Company Fund (Nasdaq: PSSCX)
PBHG Disciplined Equity Fund (Nasdaq: PBDEX)
PBHG Mid-Cap Fund (Nasdaq: PBMCX; formally known as PBHG Mid-Cap Value Fund (Nasdaq: PBMCX))
PBHG Small Cap Fund (Nasdaq: PBSVX; formally known as PBHG Small Cap Value Fund (Nasdaq: PBSVX))
PBHG Clipper Focus Fund (Nasdaq: PBFOX)
PBHG Small Cap Value Fund (Nasdaq: PSMVX; formally known as TS&W Small Cap Value Fund, LLC) (Nasdaq: PSMVX))
PBHG REIT Fund (Nasdaq: PBRTX)
PBHG Technology & Communications Fund (Nasdaq: PBTCX)
PBHG IRA Capital Preservation Fund (Nasdaq: PBCPX)
PBHG Intermediate Fixed Income Fund (Nasdaq: PBFIX)
PBHG Cash Reserves Fund (Nasdaq: PBCXX)
The complaint charges Pilgrim Baxter & Associates, Ltd, Harold J. Baxter, Gary L. Pilgrim, PBHG Funds, PBHG Fund Distributors, PBHG Mutual Funds, and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the PBHG Mutual Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the PBHG Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including defendant Pilgrim's private investment limited partnership, to illegally engage in "timing" of the PBHG Mutual 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 PBHG Mutual Funds' prospectuses.
If you acquired the securities of the defendants during the Class Period you may, no later than Jan-13-04, 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 PBHG Mutual Funds are subject to this class action:
PBHG Growth Fund (Nasdaq: PBHGX)
PBHG Emerging Growth Fund (Nasdaq: PBEGX)
PBHG Large Cap Growth Fund (Nasdaq: PBHLX)
PBHG Select Growth Fund (Nasdaq: PBHEX; formally known as PBHG Select Equity Fund (Nasdaq: PBHEX))
PBHG Focused Fund (Nasdaq: PBFVX; formally known as PBHG Focused Value Fund (Nasdaq: PBFVX))
PBHG Large Cap Fund (Nasdaq: PLCVX; formally known as PBHG Large Cap Value Fund (Nasdaq: PLCVX))
PBHG Large Cap 20 Fund (Nasdaq: PLCPX)
PBHG Strategic Small Company Fund (Nasdaq: PSSCX)
PBHG Disciplined Equity Fund (Nasdaq: PBDEX)
PBHG Mid-Cap Fund (Nasdaq: PBMCX; formally known as PBHG Mid-Cap Value Fund (Nasdaq: PBMCX))
PBHG Small Cap Fund (Nasdaq: PBSVX; formally known as PBHG Small Cap Value Fund (Nasdaq: PBSVX))
PBHG Clipper Focus Fund (Nasdaq: PBFOX)
PBHG Small Cap Value Fund (Nasdaq: PSMVX; formally known as TS&W Small Cap Value Fund, LLC) (Nasdaq: PSMVX))
PBHG REIT Fund (Nasdaq: PBRTX)
PBHG Technology & Communications Fund (Nasdaq: PBTCX)
PBHG IRA Capital Preservation Fund (Nasdaq: PBCPX)
PBHG Intermediate Fixed Income Fund (Nasdaq: PBFIX)
PBHG Cash Reserves Fund (Nasdaq: PBCXX)
The complaint charges Pilgrim Baxter & Associates, Ltd, Harold J. Baxter, Gary L. Pilgrim, PBHG Funds, PBHG Fund Distributors, PBHG Mutual Funds, and Doe Defendants with violations of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Exchange Act"), the Investment Company Act of 1940 (the "Investment Company Act"), and for common law breach of fiduciary duties. The Complaint alleges that during the Class Period the PBHG Mutual Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the PBHG Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including defendant Pilgrim's private investment limited partnership, to illegally engage in "timing" of the PBHG Mutual 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 PBHG Mutual Funds' prospectuses.
If you acquired the securities of the defendants during the Class Period you may, no later than Jan-13-04, 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.
