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Case Status:    SETTLED
On or around 10/04/2012 (Date of order of distribution of settlement)

Filing Date: November 14, 2003

October 25, 2010, the Court entered Orders approving the settlements and separate Orders re attorneys’ fees and litigation expenses.

March 9, 2012, the Court entered the Order Approving Distribution Plan, which funds were distributed on April 12, 2012.

August 17, 2012, Order signed by The Hon. J. Frederick Motz which administratively closed the case.

According to the latest docket dated November 5, 2007, discovery has been proceeding in the multi-district mutual funds litigation. Simultaneously, some of the defendants have been involved in settlement discussions with the plaintiffs. This settlement process has been impacted by parallel regulatory proceedings occurring at the Securities and Exchange Commission (“SEC”). Nevertheless, the court has been advised that several settlements have been agreed upon in principle. Additionally, numerous individuals and firms have been voluntarily dismissed by plaintiffs throughout 2005 and 2006. On June 11, 2007, the over-seeing judges issued a scheduling order calling for completion of discovery by March 28, 2008.

Additionally, oral arguments concerning numerous pending motions for dismissal were held on October 5, 2007. Those motions were ordered denied on October 19, 2007.

Numerous motions to dismiss various complaints were filed on February 25 and March 7, 2005.

In April 2004, the case was transferred from the U.S.D.C. for the Eastern District of Pennsylvania to the U.S.D.C. for the District of Maryland. The case is being handled in Multidistrict Litigation, In Re Mutual Funds Investment Litigation, case number 04-MD-15862. On September 30, 2004, a Consolidated Amended Class Action Complaint was filed.

According to a press release dated November 14, 2003, the complaint charges defendants 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 PBHG Mutual Funds and the other defendants engaged in illegal and improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the PBHG Mutual Funds. According to the Complaint, the Defendants surreptitiously permitted certain favored investors, including defendant Pilgrim's private investment limited partnership, to illegally engage in 'timing' of the PBHG Mutual 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 PBHG Mutual Funds' prospectuses.

The Funds, and the symbols for the respective Funds, are as follows:

PBHG Growth Fund (Nasdaq: PBHGX);
PBHG Emerging Growth Fund (Nasdaq: PBEGX);
PBHG Large Cap Growth Fund (Nasdaq: PBHLX);
PBHG Select Growth Fund (Nasdaq: PBHEX), formally known as PBHG Select Equity Fund (Nasdaq: PBHEX);
PBHG Focused Fund (Nasdaq: PBFVX), formally known as PBHG Focused Value Fund (Nasdaq: PBFVX);
PBHG Large Cap Fund (Nasdaq: PLCVX), formally known as PBHG Large Cap Value Fund (Nasdaq: PLCVX);
PBHG Large Cap 20 Fund (Nasdaq: PLCPX);
PBHG Strategic Small Company Fund (Nasdaq: PSSCX);
PBHG Disciplined Equity Fund (Nasdaq: PBDEX);
PBHG Mid-Cap Fund (Nasdaq: PBMCX), formally known as PBHG Mid-Cap Value Fund (Nasdaq: PBMCX);
PBHG Small Cap Fund (Nasdaq: PBSVX), formally known as PBHG Small Cap Value Fund (Nasdaq: PBSVX);
PBHG Clipper Focus Fund (Nasdaq: PBFOX);
PBHG Small Cap Value Fund (Nasdaq: PSMVX), formally known as TS&W Small Cap Value Fund, LLC (Nasdaq: PSMVX);
PBHG REIT Fund (Nasdaq: PBRTX);
PBHG Technology & Communications Fund (Nasdaq: PBTCX)
PBHG IRA Capital Preservation Fund (Nasdaq: PBCPX);
PBHG Intermediate Fixed Income Fund (Nasdaq: PBFIX);
PBHG Cash Reserves Fund (Nasdaq: PBCXX)

Note: PBHG family of funds (the 'Funds') is operated by the subsidiary of South African based financial services company, Old Mutual plc (LSE: OML), Old Mutual Asset Management and its member firm Pilgrim Baxter & Associates, Ltd. ('Pilgrim Baxter')

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PBHG
Company Market: ETF
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: D. Maryland
DOCKET #: 03-CV-06255
JUDGE: Hon. Cynthia M. Rufe
DATE FILED: 11/14/2003
CLASS PERIOD START: 11/13/1998
CLASS PERIOD END: 11/13/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Barrack, Rodos & Bacine (Main office, Philadelphia)
    Two Commerce Square, 2001 Market Street, Suite 3300 , Barrack, Rodos & Bacine (Main office, Philadelphia), PA 19103
    215.963.0600 215.963.0838 · info@barrack.com
  2. Bernstein Liebhard & Lifshitz, LLP (New York)
    10 E. 40th Street, 22nd Floor, Bernstein Liebhard & Lifshitz, LLP (New York), NY 10016
    800.217.1522 · info@bernlieb.com
  3. Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR)
    P.O. Box 25438, Cauley Geller Bowman Coates & Rudman LLP (Little Rock, AR), AR 72221-5438
    501.312.8500 501.312.8505 ·
  4. Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC)
    1100 New York Avenue, N.W., Suite 500, West Tower, Cohen, Milstein, Hausfeld & Toll, P.L.L.C. (Washington, DC), DC 20005
    202.408.4600 202.408.4699 · lawinfo@cmht.com
  5. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  6. Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY)
    One Pennsylvania Plaza, Milberg Weiss Bershad Hynes & Lerach LLP (New York, NY), NY 10119-1065
    212.594.5300 ·
  7. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  8. Spector Roseman & Kodroff (San Diego)
    1818 Market Street, Suite 2500, Spector Roseman & Kodroff (San Diego), PA 19103
    215.496.0300 215.496.6611 ·
  9. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  10. The Emerson Firm
    2228 Cottondale Avenue, Suite 100, The Emerson Firm, AR 72202
    800.663.9817 501.907.2556 · epllp@emersonpoynter.com
  11. Wolf Popper, LLP
    845 Third Avenue, Wolf Popper, LLP, NY 10022-6689
    877.370.7703 212.486.2093 · IRRep@wolfpopper.com
No Document Title Filing Date
COURT: D. Maryland
DOCKET #:
JUDGE: Hon. Cynthia M. Rufe
DATE FILED: 09/30/2004
CLASS PERIOD START: 11/01/1998
CLASS PERIOD END: 11/13/2003
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  2. Bernstein Litowitz Berger & Grossmann LLP (New York, NY)
    1285 Avenue of the Americas, 33rd Floor, Bernstein Litowitz Berger & Grossmann LLP (New York, NY), NY 10019
    212.554.1400 212.554.1444 · blbg@blbglaw.com
  3. Tydings & Rosenberg LLP
    100 East Pratt Street, Tydings & Rosenberg LLP, MD 21202
    410.752.9700 410.757.5460 · webmaster@tydingslaw.com
No Document Title Filing Date
No Document Title Filing Date