NEW YORK, April 9 The law firm of Milberg Weiss Bershad
Hynes & Lerach LLP announces that a class action lawsuit was filed in the
Southern District of New York on April 9, 2004, on behalf of purchasers of the
securities of the MFS family of mutual funds (the “Funds”), between January 1,
2001 and September 30, 2003, inclusive (the “Class Period”), seeking to pursue
remedies under the Securities Exchange Act of 1934 and the common law. A copy
of the complaint filed in this action is available from the Court, or can be
viewed on Milberg Weiss’ website at: http://www.milberg.com/cases/cibc/
You can get more information about alleged fraud in the mutual fund and
hedge fund industries, and Milberg Weiss’ prosecution of such matters on
behalf of mutual fund investors, by visiting the following websites:
http://www.mutualfundslitigation.com and http://www.mutualfundfraud.net.
The Funds, and the symbols for the respective Funds named below, are as
follows:
MFS Capital Opportunities Fund (Sym: MCOFX, MCOBX, MCOCX, MFCRX, MCOTX,
EACOX, EBCOX, ECCOX, MCOIX)
MFS Core Growth Fund (Sym: MFCAX, MFCBX, MFCCX, MCFRX, MCRRX, MFCIX)
MFS Emerging Growth Fund (Sym: MEGRX, MEGBX, MFECX, MFERX, MEGRX, EAGRX,
EBEGX, ECEGX, MFEGX, MFEIX)
MFS Growth Opportunities Fund (Sym: MGOFX, MGOBX
MFS Large Cap Growth Fund (Sym: MCGAX, MCGBX)
MFS Managed Sectors Fund (Sym: MMNSX, MSEBX, MMNCX)
MFS Mid Cap Growth Fund (Sym: OTCAX, OTCBX, OTCCX, MMCRX, MCPRX, EAMCX,
EBCGX, ECGRX, OTCIX)
MFS New Discovery Fund (Sym: MNDAX, MNDBX, MNDCX, MFNRX, MNDRX, EANDX,
EBNDX, ECNDX, MNDIX)
MFS New Endeavor Fund (Sym: MECAX, MECBX, MECCX, MNERX, MENRX, MECIX)
MFS Research Fund (Sym: MFRFX, MFRBX, MFRCX, MFRRX, MSRRX, EARFX, EBRFX,
ECRFX)
MFS Strategic Growth Fund (Sym: MFSGX, MSBGX, MFGCX, MSGRX, MSTRX, EASGX,
EBSGX, ECSGX, MSGIX)
MFS Technology Fund (Sym: MTCAX, MTCBX, MTCCX, MTQRX, MTERX, MTCIX)
Massachusetts Investors Growth Stock (Sym: MIGFX, MIGBX, MIGDX, MIGRX,
MIRGX, EISTX, EMIVX, EMICX, MGTIX)
MFS Mid Cap Value Fund (Sym: MVCAX, MCBVX, MVCCX, MMVRX, MCVRX, EACVX,
EBCVX, ECCVX, MCVIX)
MFS Research Growth and Income Fund (Sym: MRGAX, MRGBX, MRGCX, MGIRX,
RERX, MRGRX)
MFS Strategic Value Fund (Sym: MSVTX, MSVCX, MQSVX, MSVRX, MVSRX, EASVX,
EBSVX, ECSVX, MSVLX, MISVX)
MFS Total Return Fund (Sym: MSFRX, MTRBX, MTRCX, MFTRX, MTRRX, EATRX,
EBTRX, ECTRX, MTRIX)
MFS Union Standard Equity Fund (Sym: MUEAX, MUSBX, MUECX, MUSEX)
MFS Utilities Fund (Sym: MMUFX, MMUBX, MMUCX, MMURX, MURRX, MMUIX)
MFS Value Fund (Sym: MEIAX, MFEBX, MEICX, MFVRX, MVRRX, EAVLX, EBVLX,
ECVLX, MEIIX)
Massachusetts Investors Trust (Sym: MITTX, MITBX, MITCX, MITRX, MIRTX,
EAMTX, EBMTX, ECITX, MITIX)
MFS Aggressive Growth Allocation Fund (Sym: MAAGX, MBAGX, MCAGX, MAARX,
MAWAX, EAGTX, EBAAX, ECAAX, MIAGX)
MFS Conservative Allocation Fund (Sym: MACFX, MACBX, MACVX, MACRX, MCARX,
ECLAX, EBCAX, ECACX, MACIX)
MFS Growth Allocation Fund (Sym: MAGWX, MBGWX, MCGWX, MGARX, MGALX, EAGWX,
EBGWX, ECGWX, MGWIX)
MFS Moderate Allocation Fund (Sym: MAMAX, MMABX, MMACX, MAMRX, MARRX,
MAMDX, EBMDX, ECMAX, MMAIX)
MFS Bond Fund (Sym: MFBFX, MFBBX, MFBCX, MFBRX, MBRRX, EABDX, EBBDX,
ECBDX, MBDIX)
MFS Emerging Markets Debt Fund (Sym: MEDAX, MEDBX, MEDCX, MEDIX)
MFS Government Limited Maturity Fund (Sym: MGLFX, MGLBX, MGLCX)
MFS Government Mortgage Fund (Sym: MGMTX, MGTBX, MGMIX)
MFS Government Securities Fund (Sym: MFGSX, MFGBX, MFGDX, MGSRX, MGVSX,
EAGSX, EBGSX, ECGSX)
MFS High Income Fund (Sym: MHITX, MHIBX, MHICX, EAHIX, EMHBX, EMHCX,
MHIIX, MHIRX)
MFS High Yield Opportunities Fund (Sym: MHOAX, MHOBX, MHOCX, MHOIX)
MFS Intermediate Investment Grade Bond Fund (Sym: MGBFX, MGBVX, MGBCX,
MGBEX, MIBRX)
MFS Limited Maturity Fund (Sym: MQLFX, MQLBX, MQLCX, EALMX, EBLMX, ELDCX,
MLDRX)
MFS Research Bond Fund (Sym: MRBFX, MRBBX, MRBCX, EARBX, EBRBX, ECRBX,
MRBIX, MRBRX)
MFS Strategic Income Fund (Sym: MFIOX, MIOBX, MIOCX, MFIIX)
MFS Alabama Municipal Bond Fund (Sym: MFALX, MBABX)
MFS Arkansas Municipal Bond Fund (Sym: MFARX, MBARX)
MFS California Municipal Bond Fund (Sym: MCFTX, MBCAX, MCCAX)
MFS Florida Municipal Bond Fund (Sym: MFFLX, MBFLX)
MFS Georgia Municipal Bond Fund (Sym: MMGAX, MBGAX)
MFS Maryland Municipal Bond Fund (Sym: MFSMX, MBMDX)
MFS Massachusetts Municipal Bond Fund (Sym: MFSSX, MBMAX)
MFS Mississippi Municipal Bond Fund (Sym: MISSX, MBMSX)
MFS Municipal Bond Fund (Sym: MMBFX, MMBBX)
MFS Municipal Limited Maturity Fund (Sym: MTLFX, MTLBX, MTLCX)
MFS New York Municipal Bond Fund (Sym: MSNYX, MBNYX, MCNYX)
MFS North Carolina Municipal Bond Fund (Sym: MSNCX, MBNCX, MCNCX)
MFS Pennsylvania Municipal Bond Fund (Sym: MFPAX, MBPAX)
MFS South Carolina Municipal Bond Fund (Sym: MFSCX, MBSCX)
MFS Tennessee Municipal Bond Fund (Sym: MSTNX, MBTNX)
MFS Virginia Municipal Bond Fund (Sym: MSVAX, MBVAX, MVACX)
MFS West Virginia Municipal Bond Fund (Sym: MFWVX, MBWVX)
MFS Emerging Markets Equity Fund (Sym: MEMAX, MEMCX, MEMIX, MEMBX)
MFS Global Equity Fund (Sym: MWEFX, MWEBX, MWECX, MWEIX, MGERX)
MFS Global Growth Fund (Sym: MWOFX, MWOBX, MWOCX, MWOIX, MGLRX)
MFS Global Total Return Fund (Sym: MFWTX, MFWBX, MFWCX, MFWIX, MGRRX)
MFS International Growth Fund (Sym: MGRAX, MGRBX, MGRCX, MQGIX)
MFS International New Discovery Fund (Sym: MIDAX, MIDBX, MIDCX, EAIDX,
EBIDX, ECIDX, MWNIX, MINRX)
MFS International Value Fund (Sym: MGIAX, MGIBX, MGICX, MINIX)
MFS Research International Fund (Sym: MRSAX, MRIBX, MRICX, EARSX, EBRIX,
ECRIX, MRSIX, MRIRX)
The action, numbered 04-CV-2741, is pending in the United States District
Court for the Southern District of New York before the Honorable George B.
Daniels, against defendants Canadian Imperial Bank of Commerce (“CIBC”),
Canadian Imperial Holdings, Inc. (“CIHI”) and Paul A. Flynn (Managing Director
of Equity Investments at CIHI).
The Complaint alleges that defendants violated Sections Sections 10(b) and
20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated
thereunder. It is also alleged that defendants aided and abetted breaches of
fiduciary duties by the officers, directors and other fiduciaries of the
Funds. Throughout the Class Period, defendants failed to disclose that they
improperly financed the late trading and timing of the Funds’ shares by
certain hedge funds. Late trading refers to the practice of allowing an
investor to purchase mutual fund shares after 4:00 P.M. EST at that day’s
price, as opposed to the next day’s price, as mandated by applicable SEC
rules. Timing is the frequent trading of mutual fund shares. Both practices
are profitable to the privileged investors that are allowed to late trade
and/or market time, but damage the funds and their shareholders. As alleged in
the complaint, defendant Flynn negotiated and structured loan agreements and
swaps, financed by CIHI, that gave the hedge funds the capital required to
late trade and market time the Funds’ shares using leverage of at least 3:1.
The financing CIHI provided to the hedge funds, with knowledge that the monies
would be used to late trade and market time the Funds’ shares, allowed the
hedge funds to engage in improper trading more often, and for larger volumes
of shares, than they otherwise could have, thereby harming ordinary investors.
On February 3, 2004, the New York Attorney General filed a criminal complaint
in New York State Court, charging defendant Flynn with several felonies,
including a scheme to defraud in the first degree and grand larceny in the
first degree, among other charges, for his role in the late trading/market
timing debacle.
If you bought the securities of any of the Funds between January 1, 2001
and September 30, 2003 and sustained damages, you may, no later than June 8,
2004, request that the Court appoint you as lead plaintiff. A lead plaintiff
is a representative party that acts on behalf of other class members in
directing the litigation. In order to be appointed lead plaintiff, the Court
must determine that the class member’s claim is typical of the claims of other
class members, and that the class member will adequately represent the class.
Under certain circumstances, one or more class members may together serve as
“lead plaintiff.” Your ability to share in any recovery is not, however,
affected by the decision whether or not to serve as a lead plaintiff. You may
retain Milberg Weiss Bershad Hynes & Lerach LLP, or other counsel of your
choice, to serve as your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com) is a
190-lawyer firm with offices in New York City, San Diego, San Francisco, Los
Angeles, Boca Raton, Philadelphia and Seattle, and is active in major
litigations pending in federal and state courts throughout the United States.
Milberg Weiss has taken a leading role in many important actions on behalf of
defrauded investors, consumers, and others, and has been responsible for more
than $20 billion in aggregate recoveries. Please contact the Milberg Weiss
website for more information about the firm. If you wish to discuss this
action with us, or have any questions concerning this notice or your rights
and interests with regard to the case, please contact the following attorneys:
