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Fidelity Management & Research Company (FMR) : Fidelity Ultra-Short Bond Fund Summary: On February 23, 2009, the judge ordered related cases consolidated and appointed an individual investor to serve as lead plaintiff. The plaintiff's selection of co-lead counsel was also approved.
According to a press release dated June 5, 2008, a class action has been commenced on behalf of purchasers of the Fidelity Ultra-Short Bond Fund who purchased the Fund within three years of the filing of this lawsuit, seeking to pursue remedies under the Securities Act of 1933.
Specifically, the complaint charges Fidelity Management & Research Company ("FMR Co.") and certain related entities, among others, with violations of the Securities Act. FMR Co. is the investment advisor to the entire group of mutual funds under the Fidelity name.
The complaint alleges that on or about August 23, 2002, defendants began offering shares of the Ultra-Short Bond Fund pursuant to an initial registration statement, filed with the SEC as a Form 485BPOS (the "Registration Statement"). The complaint alleges that defendants solicited investors to purchase shares of the Ultra-Short Bond Fund by making statements that described the Fund as a fund that: (i) "Seeks a high level of current income consistent with the preservation of capital"; (ii) "allocates its assets across different market sectors and maturities"; (iii) has a "similar overall interest rate risk to the Lehman Brothers® 6 Month Swap Index"; and (iv) is geared toward the "preservation of capital." As alleged in the complaint, these statements were materially false and misleading because defendants did not adequately disclose the risks associated with investing in the Fund, including, for example, that the Fund was: (i) failing to compete with the Lehman Brothers® 6 Month Swap Index; and (ii) so heavily invested in high-risk mortgage-backed securities.
By June 11, 2007, defendants slowly began lowering the value of the share price for the Ultra-Short Bond Fund. Since then, the value of the Ultra-Short Bond Fund's share price has been precipitously lowered. By November 15, 2007, the value of the per-share price was reduced below $9. The shares were trading as low as $8.25 as of the filing of the complaint.
INDUSTRY CLASSIFICATION:
SIC Code:
Sector: Financial
Industry: Consumer Financial Services
| COMPANY/ISSUER NAME: | Fidelity Management & Research Company |
| COMPANY/ISSUER TICKER: | FUSFX |
| COMPANY WEBSITE: | http://www.fidelity.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Alan Zametkin, et al. v. Fidelity Management & Research Company, et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Complaint - Jury Trial Demanded | |||
| Type: Complaint | Date on the document: 6/5/2008 | ||
| Order | |||
| Type: Order Appointing LP/LC | Date on the document: 02/23/2009 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 02/23/2009 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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