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Case Status:    DISMISSED    
On or around 01/19/2010 (Court's order of dismissal)

Filing Date: September 11, 2008

The original complaint alleges that defendants solicited investors to purchase shares of the Intermediate Fund by making statements in its registration statement and subsequent supplemental prospectuses that described the Fund's objective as one that "seeks a high level of current income while preserving principal by investing primarily in a diversified portfolio of debt securities with a dollar-weighted average maturity between three and ten years." Moreover, the registration statement represented that the investment objective of the Intermediate Fund was to invest "at least 80% of its total assets in debt instruments" and to invest in "debt instruments rated investment grade or better."

As alleged in the complaint, these statements, among others, were materially false and misleading because they omitted and/or misrepresented the true facts, including: (a) the actual risks associated with acquiring shares of the Intermediate Fund; (b) that the Intermediate Fund: (i) was heavily invested in high-risk
mortgage-backed securities and/or securities tied to the value of subprime mortgages; and (ii) had vast undisclosed exposure to the subprime lending industry; and (c) that the Fund had materially altered its investment strategy, which had resulted in the dramatic deterioration in the quality of the Fund's investment. As a result of defendants' investment strategy, the Intermediate Fund suffered declines of more than 50% by September 2007.

On October 24, 2008, it was ordered that this case be coordinated with Multidistrict Litigation No. 1945 for pretrial purposes only. On February 13, 2009, an Amended Complaint was filed. On August 17, 2009, the Court entered the Order signed by Judge Richard J. Holwell. According to the Order, on January 15, 2009, the Court granted the motion 15 of Plumbers and Steamfitters Union Local No. 10 Health & Welfare Fund to be appointed to serve as lead plaintiff, and further approved Plumbers and Steamfitters' choice of counsel. As a housekeeping matter, the Clerk is directed to mark this motion closed. In March 2009, the defendants filed various motions to dismiss the Amended Complaint.

On December 1, 2009, the plaintiff filed a notice of voluntary dismissal. On January 19, 2010, Judge Richard J. Holwell signed the notice and the action was dismissed without prejudice.

COMPANY INFORMATION:

Sector: Financial
Industry: Regional Banks
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: SSINX
Company Market: Open-end Fund
Market Status: Open-end Fund

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: S.D. New York
DOCKET #: 08-CV-07934
JUDGE: Hon. Richard J. Holwell
DATE FILED: 09/11/2008
CLASS PERIOD START: 09/11/2005
CLASS PERIOD END: 09/11/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (NY)
    200 Broadhollow Road, Suite 406, Coughlin Stoia Geller Rudman & Robbins LLP (NY), NY 11747
    631-367-7100 631-367-1173 · info@csgrr.com/
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 08-CV-07934
JUDGE: Hon. Richard J. Holwell
DATE FILED: 02/13/2009
CLASS PERIOD START: 09/12/2005
CLASS PERIOD END: 09/11/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Melville)
    58 South Service Road, Suite 200, Coughlin Stoia Geller Rudman & Robbins LLP (Melville), NY 11747
    631.367.7100 631.367.1173 · info@csgrr.com/
No Document Title Filing Date
No Document Title Filing Date