Case Page

 

Case Status:    DISMISSED    
On or around 02/24/2010 (Court's order of dismissal)

Filing Date: September 11, 2008

According to a press release dated September 18, 2008, a class action lawsuit against Lord, Abbett & Co. LLC and Lord Abbett Distributor LLC ("Lord Abbett") on behalf of investors who received class A shares of certain multi-class Lord Abbett stock mutual funds after investing less than $50,000, and thus paid a sales charge of 5.75%. The complaint alleges Lord Abbett violated Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. Sec. 78j(b), and Rule 10b-5, 17 C.F.R. Sec. 240.10b-5.

Specifically, the complaint alleges Lord Abbett defrauded investors by disseminating prospectuses containing incomplete and misleading information for the following mutual funds: Affiliated Fund; All Value Fund; Developing Growth Fund; Growth Opportunities Fund; Large Cap Core Fund; Large Cap Growth Fund; Large Cap Value Fund; Mid Cap Value Fund; Small Cap Blend Fund; Small Cap Value Fund; Value Opportunities Fund; Alpha Strategy Fund; Diversified Equity Strategy Fund (formerly Income Strategy Fund); Global Allocation Fund; International Core Equity Fund; America's Value Fund; Balanced Strategy Fund; Diversified Income Strategy Fund; Growth & Income Strategy Fund (formerly World Growth & Income Strategy Fund); International Dividend Income Fund; Developing Local Markets Fund.

The complaint asserts that Lord Abbett knowingly marketed class A shares as the best performing alternative, when class B and/or class C shares, otherwise identical, would have been the best investment choice. The misleading disclosures actually omitted information from the fund prospectuses and allowed Lord Abbett to earn greater profits at the expense of plaintiff and class members. As a result, investors suffered considerable damages.

On December 18, 2008, the motion to appoint lead plaintiff and approving selection of lead counsel was granted. According to the Order, Rosemarie Zavolta is appointed lead plaintiff and Barrack, Rodos & Bacine, Bonnett Fairbourn Friedman & Balint, P.C., and Finkelstein & Krinsk, LLP are appointed as co-lead counsel for the class.

According to a press release dated September 18, 2008, a class action lawsuit against Lord, Abbett & Co. LLC and Lord Abbett Distributor LLC ("Lord Abbett") on behalf of investors who received class A shares of certain multi-class Lord Abbett stock mutual funds after investing less than $50,000, and thus paid a sales charge of 5.75%. The complaint alleges Lord Abbett violated Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. Sec. 78j(b), and Rule 10b-5, 17 C.F.R. Sec. 240.10b-5.

Specifically, the complaint alleges Lord Abbett defrauded investors by disseminating prospectuses containing incomplete and misleading information for the following mutual funds: Affiliated Fund; All Value Fund; Developing Growth Fund; Growth Opportunities Fund; Large Cap Core Fund; Large Cap Growth Fund; Large Cap Value Fund; Mid Cap Value Fund; Small Cap Blend Fund; Small Cap Value Fund; Value Opportunities Fund; Alpha Strategy Fund; Diversified Equity Strategy Fund (formerly Income Strategy Fund); Global Allocation Fund; International Core Equity Fund; America's Value Fund; Balanced Strategy Fund; Diversified Income Strategy Fund; Growth & Income Strategy Fund (formerly World Growth & Income Strategy Fund); International Dividend Income Fund; Developing Local Markets Fund.

The complaint asserts that Lord Abbett knowingly marketed class A shares as the best performing alternative, when class B and/or class C shares, otherwise identical, would have been the best investment choice. The misleading disclosures actually omitted information from the fund prospectuses and allowed Lord Abbett to earn greater profits at the expense of plaintiff and class members. As a result, investors suffered considerable damages.

On December 18, 2008, the motion to appoint lead plaintiff and approving selection of lead counsel was granted. According to the Order, Rosemarie Zavolta is appointed lead plaintiff and Barrack, Rodos & Bacine, Bonnett Fairbourn Friedman & Balint, P.C., and Finkelstein & Krinsk, LLP are appointed as co-lead counsel for the class. On April 6, 2009, the defendants filed a motion to dismiss the Class Action Complaint. On February 24, 2010, Judge William J. Martini signed an opinion and order granting in part and denying in part the motion to dismiss. The plaintiffs have 30 days to file a motion to amend the complaint. On March 29, 2010, Judge William J. Martini signed the Order dismissing the case and the action is now terminated.

COMPANY INFORMATION:

Sector: Financial
Industry: Other (Mutual Fund)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
Company Market: Privately Traded
Market Status: Privately Held

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. New Jersey
DOCKET #: 08-CV-04546
JUDGE: Hon. William J. Martini
DATE FILED: 09/11/2008
CLASS PERIOD START: 09/11/2003
CLASS PERIOD END: 09/11/2008
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. Barrack, Rodos & Bacine (Newark)
    One Gateway Center, Suite 2600, Barrack, Rodos & Bacine (Newark), NJ 07102
    973.297.1484 973.297.1484 ·
  3. Bonnett, Fairbourn, Friedman & Balint, PC (Phoenix)
    2901 North Central Avenue - Suite 1000, Bonnett, Fairbourn, Friedman & Balint, PC (Phoenix), AZ 85012
    602.274.1100 602.274.1199 ·
  4. Finkelstein & Krinsk LLP
    501 West Broadway, Suit 1250, Finkelstein & Krinsk LLP, CA 92101
    877.493.5366 619.238.5425 ·
  5. Lite DePalma Greenberg, LLC (Newark)
    Two Gateway Center - 12th Floor, Lite DePalma Greenberg, LLC (Newark), NJ 07102-5003
    973.623.3000 ·
  6. The Melick Law Firm, LLC
    7222 Marylebury Circle, Suite 100, The Melick Law Firm, LLC, OH 43054
    614.775.0998 · gregmelick@themelicklawfirm.com
No Document Title Filing Date