PHILADELPHIA, Nov. 14, 2003, (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action lawsuit was commenced in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired, sold, or owned shares in any of Alliance Capital, Inc.'s AllianceBernstein Family of Mutual Funds ("AllianceBernstein Funds") between October 2, 1998 and September 29, 2003, inclusive (the "Class Period").
The Funds, and the symbols for the respective Funds named below, are as follows:
Fund Symbol
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AllianceBernstein All-Asia Investment Fund (AALAX,
AAABX,
AAACX)
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AllianceBernstein Americas Government Income Trust (ANAGX,
ANABX,
ANACX)
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AllianceBernstein Balanced Shares (CABNX,
CABBX,
CBACX)
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AllianceBernstein Blended Style Series - U.S. Large Cap (ABBAX,
Portfolio ABBCX)
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AllianceBernstein Bond Fund Corporate Bond Portfolio (CBFAX,
CBFBX,
CBFCX)
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AllianceBernstein Bond Fund Quality Bond Portfolio (ABQUX,
ABQBX,
ABQCX)
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AllianceBernstein Bond Fund U.S. Government Portfolio (ABUSX,
ABUBX,
ABUCX)
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AllianceBernstein Emerging Market Debt Fund (AGDAX,
AGDBX,
AGDCX)
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AllianceBernstein Global Small Cap Fund (GSCAX,
AGCBX,
GSCCX)
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AllianceBernstein Global Strategic Income Trust (AGSAX,
AGSBX,
AGCCX)
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AllianceBernstein Global Value Fund (ABAGX,
ABBGX,
ABCGX)
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AllianceBernstein Greater China '97 Fund (GCHAX,
GCHBX,
GCHCX)
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AllianceBernstein Growth Fund (AGRFX,
AGBBX,
AGRCX)
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AllianceBernstein Growth & Income Fund (CABDX,
CBBDX,
CBBCX)
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AllianceBernstein Health Care Fund (AHLAX,
AHLBX,
AHLCX)
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AllianceBernstein High Yield Fund (AHYAX,
AHHBX,
AHHCX)
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AllianceBernstein Intermediate California Muni Portfolio (AICBX,
ACLBX,
ACMCX)
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AllianceBernstein Intermediate Diversified Muni Portfolio (AIDAX,
AIDBX,
AIMCX)
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AllianceBernstein Intermediate New York Muni Portfolio (ANIAX,
ANYBX,
ANMCX)
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AllianceBernstein International Premier Growth Fund (AIPAX,
AIPBX,
AIPCX)
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AllianceBernstein International Value Fund (ABIAX,
ABIBX,
ABICX)
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AllianceBernstein Mid-Cap Growth (CHCAX,
CHCBX,
CHCCX)
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AllianceBernstein Multi-Market Strategy Trust (AMMSX,
AMMBX,
AMMCX)
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AllianceBernstein Muni Income Fund Arizona Portfolio (AAZAX,
AAZBX,
AAZCX)
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AllianceBernstein Muni Income Fund California Portfolio (ALCAX,
ALCBX,
ACACX)
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AllianceBernstein Muni Income Fund Florida Portfolio (AFLAX,
AFLBX,
AFLCX)
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AllianceBernstein Muni Income Fund Massachusetts Portfolio (AMAAX,
AMABX)
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AllianceBernstein Muni Income Fund Michigan Portfolio (AMIAX,
AMIBX,
AMICX)
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AllianceBernstein Muni Income Fund National Portfolio (ALTHX,
ALTBX,
ALNCX)
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AllianceBernstein Muni Income Fund New Jersey Portfolio (ANJAX,
ANJBX,
ANJCX)
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AllianceBernstein Muni Income Fund New York Portfolio (ALNYX,
ALNBX,
ANYCX)
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AllianceBernstein Muni Income Fund Ohio Portfolio (AOHAX,
AOHBX,
AOHCX)
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AllianceBernstein Muni Income Fund Pennsylvania Portfolio (APAAX,
APABX,
APACX)
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AllianceBernstein Muni Income Fund Virginia Portfolio (AVAAX,
AVABX,
AVACX)
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AllianceBernstein Muni Income Fund Insured California (BUICX,
Portfolio BUIBX,
BUCCX)
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AllianceBernstein Muni Income Fund Insured National (CABTX,
Portfolio CBBBX,
CACCX)
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AllianceBernstein Muni Income Fund Minnesota Portfolio (AMNAX,
AMNBX,
AMNCX)
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AllianceBernstein New Europe Fund (ANEAX,
ANEBX,
ANECX)
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AllianceBernstein Premier Growth Fund (APGAX,
APGBX,
APGCX)
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AllianceBernstein Quasar Fund (QUASX,
QUABX,
QUACX)
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AllianceBernstein Quality Bond Portfolio (ABQYX)
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AllianceBernstein Real Estate Investment Fund (AREAX,
AREBX,
ARECX)
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AllianceBernstein Select Investor Series Biotechnology (ASBAX,
Portfolio AIBBX,
ASBCX)
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AllianceBernstein Select Investor Series Premier (ASPAX,
Portfolio ASPBX,
ASPCX)
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AllianceBernstein Select Investor Series Technology (AITAX,
Portfolio AITBX,
AITCX)
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AllianceBernstein Short Duration (ADPAX,
ADPBX,
ADPCX)
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AllianceBernstein Small CapValue Fund (ABASX,
ABBSC,
ABCSX,
ABBSX,)
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AllianceBernstein Technology Fund (ALTFX,
ATEBX,
ATECX)
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AllianceBernstein Value Fund (ABVAX,
ABVBX,
ABVCX)
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AllianceBernstein Worldwide Privatization Fund (AWPAX,
AWPBX,
AWPCX)
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Alliance Capital Management Corporation and related defendants are charged with violating the Securities Act of 1933, the Securities Exchange Act of 1934, and the Investment Advisers Act of 1940 for the issuance of false and misleading prospectuses. The Complaint alleges that Canary Capital Partners LLC and the related defendants, as well as other market timers, profited at the expense of class members. During the Class Period, Alliance Capital and the other defendants permitted and/or engaged in illegal and improper trading practices with certain institutional traders which caused financial injury to the shareholders of AllianceBernstein mutual funds. Specifically, the complaint alleges that Defendants permitted certain favored investors, including Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary") to engage in "timing" of the AllianceBernstein 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 Funds' prospectuses in return for substantial fees and other income.
If you purchased, acquired, sold or owned any of the above AllianceBernstein Funds during the Class Period, you may, no later than Decembe 1, 2003, move to be appointed as a Lead Plaintiff in this class action. A Lead Plaintiff is a representative, chosen by the Court, that acts on behalf of other class members in directing the litigation. The Private Securities Litigation Reform Act of 1995 directs Courts to assume that the class member(s) with the "largest financial interest" in the outcome of the case will best serve the class in this capacity. Courts have discretion in determining which class member(s) have the "largest financial interest," and have appointed Lead Plaintiffs with substantial losses in both absolute terms and as a percentage of their net worth.
If you have sustained losses in AllianceBernstein Funds during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud. As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca