Allianz Global Investors Fund Management LLC is an investment management company.

The Complaint alleges that this is a securities class action on behalf of all persons or entities who purchased or otherwise acquired the common shares of certain mutual funds offered by Allianz Global Investors Fund Management LLC ("Allianz Global"), including the common shares of the PIMCO California Municipal Income Fund II (the "PCK Fund"), PIMCO Municipal Income Fund II (the "PML Fund"), PIMCO Municipal Income Fund III (the "PMX Fund"), PIMCO New York Municipal Income Fund III (the "PYN Fund") and PIMCO California Municipal Income Fund III (the "PZC Fund") (collectively referred to as the "Funds") between May 22, 2007 and December 1, 2008 for the PCK and PML Funds, inclusive (the "PIMCO II Class Period") and between June 6, 2007 and December 1, 2008 for the PMX, PYN and PZC Funds, inclusive (the "PIMCO III Class Period"), against the Funds' investment manager, Allianz Global (the "Investment Manager") and the Funds' sub-adviser, Pacific Investment Management Company LLC ("PIMCO") (the "Sub-Adviser"), and certain of its officers and/or trustees for violations of the Securities Exchange Act of 1934.

The true facts, which were known by the Defendants but concealed from the investing public during the PIMCO II Class Period and/or PIMCO III Class Period, were as follows: The Funds lacked effective controls and hedges to minimize the risk of loss and risk of liquidity from auction rate securities ("ARS") which affected a large part of their portfolios; (b) The Funds lacked effective internal controls to ensure that the Funds would remain in compliance with restrictions and limitations related to their investment portfolios and strategies; (c) The extent of the Funds' liquidity risk due to the illiquid nature of a large portion of the Funds' portfolios, including ARS, was omitted; and (d) The extent of the Funds' risk exposure to ARS was misstated.

On April 3, 2009, the case was voluntarily dismissed without prejudice.