NEW YORK, Sept. 15, 2005 (PRIMEZONE) -- The law firm of Murray, Frank & Sailer announces that it has filed a class action lawsuit behalf of all persons who purchased PIMCO Funds from UBS-AG ("UBS"), from May 1, 2000 through April 30, 2005, inclusive (the "Class Period"), seeking to pursue remedies under the Securities Act of 1993 (the "Securities Act") and the Securities Exchange Act of 1934 (the "Exchange Act").
The Funds, and the Symbols for the respective PIMCO Funds named below, are as follows:
PIMCO All Asset Fund (Nasdaq:PASAX), (Nasdaq:PASBX), (Nasdaq:PASCX), (Nasdaq:PAAIX), (Nasdaq:PAALX) PIMCO Asset Allocation Fund (Nasdaq:PALAX), (Nasdaq:PALBX), (Nasdaq:PALCX) PIMCO CA Intermediate Muni Bond Fund (Nasdaq:PCMBX), (Nasdaq:PCIMX) PIMCO CA Muni Bond Fund (Nasdaq:PCAAX), (Nasdaq:PICMX) PIMCO CCM Capital Appreciation Fund (Nasdaq:PCFAX), (Nasdaq:PFCBX), (Nasdaq:PFCCX), (Nasdaq:PAPIX) PIMCO CCM Mid-Cap Fund (Nasdaq:PFMAX), (Nasdaq:PFMBX), (Nasdaq:PFMCX), (Nasdaq:PGMIX) PIMCO CommodityRealReturn Strategy Fund (Nasdaq:PCRAX), (Nasdaq:PCRBX), (Nasdaq:PCRCX), (Nasdaq:PCRIX) PIMCO Diversified Income Fund (Nasdaq:PDVAX), (Nasdaq:PDVBX), (Nasdaq:PDICX), (Nasdaq:PDIIX) PIMCO Emerging Markets Bond Fund (Nasdaq:PAEMX), (Nasdaq:PBEMX), (Nasdaq:PEBCX), (Nasdaq:PEBIX) PIMCO Foreign Bond Fund (Nasdaq:PFOAX), (Nasdaq:PFOBX), (Nasdaq:PFOCX), (Nasdaq:PFORX) PIMCO GNMA Fund (Nasdaq:PAGNX), (Nasdaq:PGGNX), (Nasdaq:PCGNX), (Nasdaq:PDMIX) PIMCO Global Bond II Fund (Nasdaq:PAIIX), (Nasdaq:PBIIX), (Nasdaq:PCIIX), (Nasdaq:PGBIX) PIMCO High Yield Fund (Nasdaq:PHDAX), (Nasdaq:PHDBX), (Nasdaq:PHDCX), (Nasdaq:PHIYX) PIMCO International StocksPlus TR Strategy Fund (Nasdaq:PIPAX), (Nasdaq:PIPBX), (Nasdaq:PIPCX) PIMCO Investment Grade Corporate Bond Fund (Nasdaq:PIGIX) PIMCO Long-Term U.S. Govt. Fund (Nasdaq:PFGAX), (Nasdaq:PGGBX), (Nasdaq:PFGCX), (Nasdaq:PGOVX) PIMCO Low Duration Fund (Nasdaq:PTLAX), (Nasdaq:PTLBX), (Nasdaq:PTLCX), (Nasdaq:PLDTX) PIMCO Low Duration II Fund (Nasdaq:PLDTX) PIMCO Low Duration III Fund (Nasdaq:PLDIX) PIMCO Moderate Duration Fund (Nasdaq:PMDRX) PIMCO Money Market Fund (Nasdaq:PYAXX), (Nasdaq:PYCXX), (Nasdaq:PKCXX), (Nasdaq:PMIXX) PIMCO Municipal Bond Fund (Nasdaq:PMLAX), (Nasdaq:PNFBX), (Nasdaq:PMLCX), (Nasdaq:PFMIX) PIMCO NACM Flex-Cap Fund (Nasdaq:PNFAX), (Nasdaq:PNFBX), (Nasdaq:PNFCX) PIMCO NACM Global Fund (Nasdaq:NGBAX), (Nasdaq:NGBBX), (Nasdaq:NGBCX) PIMCO NACM Growth Fund (Nasdaq:NGWAX), (Nasdaq:NGWBX), (Nasdaq:NGWCX) PIMCO NACM International Fund (Nasdaq:PILAX), (Nasdaq:PILBX), (Nasdaq:PILCX) PIMCO NACM Pacific Rim Fund (Nasdaq:PPRAX), (Nasdaq:PPRBX), (Nasdaq:PPRCX), (Nasdaq:NAPRX) PIMCO NACM Value Fund (Nasdaq:PVUAX), (Nasdaq:PVUBX), (Nasdaq:PVUCX) PIMCO NFJ Dividend Value Fund (Nasdaq:PNEAX), (Nasdaq:PNEBX), (Nasdaq:PNECX), (Nasdaq:NFJEX) PIMCO NFJ Large-Cap Value Fund (Nasdaq:PNBAX), (Nasdaq:PNBBX), (Nasdaq:PNBCX) PIMCO NFJ Small-Cap Value Fund (Nasdaq:PCVAX), (Nasdaq:PCVBX), (Nasdaq:PCVCX), (Nasdaq:PSVIX) PIMCO NY Muni Bond Fund (Nasdaq:PNYAX) PIMCO PEA Growth Fund (Nasdaq:PGWAX), (Nasdaq:PGFBX), (Nasdaq:PGWCX), (Nasdaq:PGFIX) PIMCO PEA Growth and Income Fund (Nasdaq:PGRAX), (Nasdaq:PGRBX), (Nasdaq:PGNCX), (Nasdaq:PMEIX) PIMCO PEA Innovation Fund (Nasdaq:PIVAX), (Nasdaq:PIVBX), (Nasdaq:PIVCX), (Nasdaq:PIFIX) PIMCO PEA Opportunity Fund (Nasdaq:POPAX), (Nasdaq:PQNBX), (Nasdaq:POPCX), (Nasdaq:POFIX) PIMCO PEA Renaissance Fund (Nasdaq:PQNAX), (Nasdaq:PGNBX), (Nasdaq:PQNCX), (Nasdaq:PRNIX) PIMCO PEA Target Fund (Nasdaq:PTAAX), (Nasdaq:PTABX), (Nasdaq:PTACX), (Nasdaq:PFTIX) PIMCO PEA Value Fund (Nasdaq:PDLAX), (Nasdaq:PDLBX), (Nasdaq:PDLCX), (Nasdaq:PDLIX) PIMCO RCM Biotechnology Fund (Nasdaq:RABTX), (Nasdaq:RBBTX), (Nasdaq:RCBTX) PIMCO RCM Global Healthcare Fund (Nasdaq:RAGHX), (Nasdaq:RBGHX), (Nasdaq:RCGHX) PIMCO RCM Global Small-Cap Fund (Nasdaq:RGSAX), (Nasdaq:RGSBX), (Nasdaq:RGSCX), (Nasdaq:DGSCX) PIMCO RCM Global Technology Fund (Nasdaq:RAGTX), (Nasdaq:RBGTX), (Nasdaq:RCGTX), (Nasdaq:DRGTX) PIMCO RCM International Growth Equity Fund (Nasdaq:RAIGX), (Nasdaq:RBIGX), (Nasdaq:RCIGX), (Nasdaq:DRIEX) PIMCO RCM Large-Cap Growth Fund (Nasdaq:RALGX), (Nasdaq:RBLGX), (Nasdaq:RCLGX), (Nasdaq:DRLCX) PIMCO RCM Mid-Cap Fund (Nasdaq:RMDAX), (Nasdaq:RMDBX), (Nasdaq:RMDCX), (Nasdaq:DRMCX) PIMCO RCM Tax-Managed Growth Fund (Nasdaq:PMWAX), (Nasdaq:PMWBX), (Nasdaq:PMWCX), (Nasdaq:DRTIX) PIMCO Real Return Fund (Nasdaq:PRTNX), (Nasdaq:PRRBX), (Nasdaq:PRTCX), (Nasdaq:PRRIX), (Nasdaq:PARRX), (Nasdaq:PRRRX) PIMCO Real Return Fund (Nasdaq:PRRIX) PIMCO Real Return II Fund (Nasdaq:PIRRX) PIMCO Real Estate Real Return Strategy Fund (Nasdaq:PETAX), (Nasdaq:PETBX), (Nasdaq:PETCX) PIMCO Short Duration Municipal Income Fund (Nasdaq:PSDAX), (Nasdaq:PSDCX), (Nasdaq:PSDIX) PIMCO Short-Term Fund (Nasdaq:PSHAX), (Nasdaq:PTSBX), (Nasdaq:PFTCX), (Nasdaq:PTSHX) PIMCO Stocks PLUS Fund (Nasdaq:PSPAX), (Nasdaq:PSPBX), (Nasdaq:PSPCX), (Nasdaq:PSTKX) PIMCO Stocks PLUS Total Return Fund (Nasdaq:PTOAX), (Nasdaq:PTOBX), (Nasdaq:PSOCX), (Nasdaq:PSPTX) PIMCO Total Return Fund (Nasdaq:PTTAX), (Nasdaq:PTTBX), (Nasdaq:PTTCX), (Nasdaq:PTTRX) PIMCO Total Return II Fund (Nasdaq:PMBIX) PIMCO Total Return III Fund (Nasdaq:PTSAX) PIMCO Total Return Mortgage Fund (Nasdaq:PMRAX), (Nasdaq:PMRBX), (Nasdaq:PMRCX), (Nasdaq:PTRIX)
The complaint alleges that during the Class Period, defendants served as financial advisors who purportedly provided unbiased and honest investment advice to their clients. Unbeknownst to investors, defendants, in clear contravention of their disclosure obligations and fiduciary responsibilities, failed to properly disclose that they had engaged in a scheme to aggressively push UBS sales personnel to steer clients into purchasing certain UBS Funds and UBS Tier I Funds, which included PIMCO, that provided financial incentives and rewards to UBS and its personnel based on sales. The complaint alleges that defendants' undisclosed sales practices created an insurmountable conflict of interest by providing substantial monetary incentives to sell Shelf-Space Funds to their clients, even though such investments were not in the clients' best interest. UBS' failure to disclose the incentives constituted violations of federal securities laws.
The action also includes a subclass of persons who held any shares of UBS Mutual Funds. The complaint additionally alleges that the investment advisor subsidiary of UBS, UBS Global Asset Management created further undisclosed material conflicts of interest by entering into revenue sharing agreements with UBS financial Advisors to push investors into UBS proprietary funds, regardless of whether such investments were in the investors' best interests. The investment advisors financed these arrangements by illegally charging excessive and improper fees to the fund that should have been invested in the underlying portfolio. In doing so they breached their fiduciary duties to investors under the Investment Company Act and state law and decreased shareholders' investment returns.
The action includes a second subclass of persons who purchased a UBS Financial Plan that held Tier I mutual funds. The UBS Financial Plans include, but are not limited to UBS Personalized Asset Consulting and Evaluation Plan, InsightOne accounts, and/or a resource management accounts.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased any of the PIMCO Funds through a UBS broker between May 1, 2000 through April 30, 2005, inclusive, and sustained damages, you may, no later than September 30, 2005, request that the Court appoint you as lead plaintiff. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at www.murrayfrank.com. Contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer to discuss this action, this announcement, or your rights or interests.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.