NEW YORK, Nov. 5, 2003 (PRIMEZONE) -- Abbey Gardy, LLP commenced a Class Action lawsuit in the United States District Court for the Southern District of New York on behalf of a class (the "Class") of all purchasers of the securities of the Putnam Funds ("Putnam Funds") during the period between November 1, 1998 and September 3, 2003, inclusive (the "Class Period").
The Complaint names as defendants Marsh & McLennan Companies, Inc., Putnam Investments Trust, Putnam Investment Management LLC, Putnam Investment Funds, all the Funds named below and Does 1 through 100 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 defendants violated their fiduciary duties to their customers in return for substantial fees and other income for themselves and their affiliates. The Complaint alleges that the defendants failed to disclose that they improperly allowed certain investors to engage in the "timing" of their transactions in the Funds. "Timing" is an investment technique involving short-term, "in and out" trading of mutual fund shares. The technique is designed to exploit the inefficiencies in the way mutual fund companies price their shares and is widely acknowledged as an improper practice. Timing injures ordinary investors who are not allowed to engage in the practice. The mutual fund prospectus for the Putnam Funds created the misleading impression that the Putnam Funds were vigilantly protecting investors against the negative effects of timing.
If you purchased any of the following Putnam Funds, please call the Abbey Gardy, LLP at (212) 889-3700:
Putnam American Government Income Fund (Sym: PAGVX, PAMBX, PAMMX) Putnam Arizona Tax Exempt Income Fund (Sym: PTAZX, PAZBX) Putnam Asset Allocation: Balanced Portfolio (Sym: PABAX, PABBX, AABCX, PABMX) Putnam Asset Allocation: Conservative Portfolio (Sym: PACAX, PACBX, PACCX, PACMX) Putnam Asset Allocation: Growth Portfolio (Sym: PAEAX, PAEBX, PAECX, PAGMX) Putnam California Tax Exempt Income Fund (Sym: PCTEX, PCTBX, PCLMX) Putnam Capital Appreciation Fund (Sym: PCAPX, PCABX, PCAMX) Putnam Capital Opportunities Fund (Sym: PCOAX, POPBX, PCOCX) Putnam Classic Equity Fund (Sym: PXGIX, PGIIX, PGTCX, PGIMX) Putnam Convertible Income-Growth Trust (Sym: PCONX, PCNBX, PCNMX) Putnam Discovery Growth Fund (Sym: PVIIX, PVYBX, PVYCX, PVYMX) Putnam Diversified Income Trust (Sym: PDINX, PSIBX, PDVCX, PDVMX) Putnam Equity Income Fund (Sym: PEYAX, PEQNX, PEQCX, PEIMX) Putnam Europe Equity Fund (Sym: PEUGX, PEUBX, PEUMX) Putnam Florida Tax Exempt Income Fund (Sym: PTFLX, PFLBX) Putnam Fund for Growth and Income (Sym: PGRWX, PGIBX, PGRIX, PGRMX) George Putnam Fund of Boston (Sym: PGEOX, PGEBX, PGPCX, PGEMX) Putnam Global Equity Fund (Sym: PEQUX, PEQBX, PUGCX, PEQMX) Putnam Global Income Trust (Sym: PGGIX, PGLBX, PGGMX) Putnam Global Natural Resources Fund (Sym: EBERX, PNRBX, PGLMX) Putnam Growth Opportunities Fund (Sym: POGAX, POGBX, POGCX, PGOMX) Putnam Health Sciences Trust (Sym: PHSTX, PHSBX, PCHSX, PHLMX) Putnam High Yield Advantage Fund (Sym: PHYIX, PHYBX, PHYMX) Putnam High Yield Trust (Sym: PHIGX, PHBBX, PCHYX, PHIMX) Putnam Income Fund (Sym: PINCX, PNCBX, PUICX, PNCMX) Putnam Intermediate U.S. Government Income Fund (Sym: PBLGX, PBGBX, PVICX) Putnam International Capital Opportunities Fund (Sym: PNVAX, PVNBX, PUVCX, PIVMX) Putnam International Equity Fund (Sym: POVSX, POVBX, PIGCX, POVMX) Putnam International Growth and Income Fund (Sym: PNGAX, PGNBX, PIGRX, PIGMX) Putnam International New Opportunities Fund (Sym: PINOX, PINWX, PIOCX, PINMX) Putnam Investors Fund (Sym: PINVX, PNVBX, PCINX, PNVMX) Putnam Massachusetts Tax Exempt Income Fund (Sym: PXMAX, PMABX) Putnam Michigan Tax Exempt Income Fund (Sym: PXIMX, PMEBX) Putnam Mid Cap Value Fund (Sym: PMVAX, PMVBX, PMPCX) Putnam Minnesota Tax Exempt Income Fund (Sym: PXMNX, PMTBX) Putnam Money Market Fund (Sym: PDDXX, PTBXX, PFCXX, PTMXX) Putnam Municipal Income Fund (Sym: PTFHX, PFHBX, PMUMX) Putnam New Jersey Tax Exempt Income Fund (Sym: PTNJX, PNJBX) Putnam New Opportunities Fund (Sym: PNOPX, PNOBX, PNOMX) Putnam New Value Fund (Sym: PANVX, PBNVX, PNVCX, PMNVX) Putnam New York Tax Exempt Income Fund (Sym: PTEIX, PEIBX) Putnam New York Tax Exempt Opportunities Fund (Sym: PTNHX, PTNBX, PNYMX) Putnam OTC & Emerging Growth Fund (Sym: POEGX, POTBX, POEXC, POEMX) Putnam Ohio Tax Exempt Income Fund (Sym: PHOHX, POXBX) Putnam Pennsylvania Tax Exempt Income Fund (Sym: PTEPX, PPNBX) Putnam Research Fund (Sym: PNRAX, PRFBX, PRACX) Putnam Small Cap Growth Fund (Sym: PNSAX) Putnam Small Cap Value Fund (Sym: PSLAX, PSLBX, PSLCX. PSLMX) Putnam Tax Exempt Income Fund (Sym: PTAEX, PTBEX, PTXMX) Putnam Tax Exempt Money Market Fund (Sym: PTXXX) Putnam Tax Smart Equity Fund (Sym: PATSX, PBTSX, PCSMX) Putnam Tax-Free High Yield Fund (Sym: PTHAX, PTHYX, PTYMX) Putnam Tax-Free Insured Fund (Sym: PPNAX, PTFIX) Putnam U.S. Government Income Trust (Sym: PGSIX, PGSBX, PGVCX, PGSMX) Putnam Utilities Growth and Income Fund (Sym: PUGIX, PUTBX, PUTMX) Putnam Vista Fund (Sym: PVISX, PVTBX, PCVFX, PVIMX) Putnam Voyager Fund (Sym: PVOYX, PVOBX, PVFCX, PVOMX)
Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired Putnam Funds securities during the Class Period. If you purchased or otherwise acquired Putnam Funds securities during the Class Period, and either lost money on the transaction or still hold the securities, you may wish to join in the action to serve as lead plaintiff. If you purchased Putnam Funds securities during the Class Period, you may, no later than December 22, 2003 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 plaintiffs." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.
Abbey Gardy, LLP has been retained as one of the law firms to represent the Class. The attorneys at Abbey Gardy, LLP have extensive experience in securities class action cases, and have played lead roles in major cases resulting in the recovery of hundreds of millions of dollars to investors. If you would like to discuss this action or if you have any questions concerning this Notice or your rights as a potential class member or lead plaintiff, you may contact:
Susan Lee Abbey Gardy, LLP 212 East 39th Street New York, New York 10016 (212) 889-3700 (800) 889-3701 (Toll Free) Or e-mail her at slee@abbeygardy.com
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca