HARTFORD, Conn., June 6, 2008 (LAWFUEL) — The law firm of
Schatz Nobel Izard P.C., which has significant experience representing
investors in prosecuting claims of securities fraud, announces that a
lawsuit seeking class action status has been filed in the United States
District Court for the District of Massachusetts on behalf of the
purchasers of the Fidelity Ultra-Short Bond Fund (“Ultra-Short Bond
Fund” or the “Fund”) (Nasdaq:FUSFX) who purchased the Fund within three
years of the filing of this lawsuit (the “Class”).
The Complaint charges Fidelity Management & Research Company (“FMR
Co.”) and certain related entities, among others, violated federal
securities laws. FMR Co. is the investment advisor to the entire group
of mutual funds under the Fidelity name.
According to the Complaint, on or about August 23, 2002, defendants
began offering shares of the Ultra-Short Bond Fund pursuant to an
initial registration statement, filed with the SEC as a Form 485BPOS
(the “Registration Statement”). It is alleged that defendants solicited
investors to purchase shares of the Ultra-Short Bond Fund by making
statements that described the Fund as a fund that: (i) “Seeks a high
level of current income consistent with the preservation of capital”;
(ii) “allocates its assets across different market sectors and
maturities”; (iii) has a “similar overall interest rate risk to the
Lehman Brothers 6 Month Swap Index”; and (iv) is geared toward the
“preservation of capital.” As alleged in the Complaint, these
statements were materially false and misleading because defendants did
not adequately disclose the risks associated with investing in the
Fund, including, for example, that the Fund was: (i) failing to compete
with the Lehman Brothers 6 Month Swap Index; and (ii) so heavily
invested in high-risk mortgage-backed securities.
If you are a member of the class, you may, no later than August 4,
2008, request that the Court appoint you as lead plaintiff of the
class. A lead plaintiff is a class member that acts on behalf of other
class members in directing the litigation. Although your ability to
share in any recovery is not affected by the decision whether or not to
seek appointment as a lead plaintiff, lead plaintiffs make important
decisions which could affect the overall recovery for class members.
While Schatz Nobel Izard P.C. has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class action
or for more information about the case, class action cases in general,
and your rights, please contact Schatz Nobel Izard P.C. toll-free at
(800) 797-5499, or by e-mail at firm@snilaw.com, or visit our website:
www.snilaw.com.
