BOULDER, Colo., Sept. 17, 2008 (GLOBE NEWSWIRE) -- Advertising Material -- The Shuman Law Firm today announced that a lawsuit seeking class action status has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased shares of certain mutual funds offered by First Trust Portfolios L.P., including shares of the First Trust Strategic High Income Fund (the "FHI Fund"), First Trust Strategic High Income Fund II (the "FHY Fund") and First Trust Strategic High Income Fund III (the "FHO Fund") (collectively referred to as the "Funds") (NYSE:FHI) (NYSE:FHY) (NYSE:FHO), between July 26, 2005 and July 7, 2008, inclusive (the "Class Period"), and on behalf of all persons or entities who purchased or otherwise acquired shares of the Funds issued in connection with the Funds' initial public offerings ("IPOs").
The complaint alleges that during the Class Period, the Funds and the Funds' registrants, the Funds' adviser, First Trust Advisors L.P., the Funds' sub-advisers, and certain of the Funds' officers and/or directors violated the Securities Exchange Act of 1934 and the Securities Act of 1933 by issuing materially false and misleading statements regarding the Funds' portfolios and financial results. As a result of defendants' false statements, the Funds' shares traded at artificially inflated prices during the Class Period.
If you purchased shares in any of the Funds during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than November 11, 2008. While The Shuman Law Firm 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 Kip Shuman, Esq. or Rusty Glenn, Esq. toll-free at 866-974-8626 or email Mr. Shuman at kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and derivative litigation.
More information on this and other class actions can be found on the Class Action Newsline at www.globenewswire.com/ca
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