Case Page

 

Case Status:    DISMISSED    
On or around 04/03/2009 (Notice of voluntarily dismissal)

Filing Date: March 31, 2009

The complaint alleges 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 ("1934 Act").

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 prejudicle.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PCQ
Company Market: New York SE
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: C.D. California
DOCKET #: 09-CV-00386
JUDGE: Hon. Stephen V. Wilson
DATE FILED: 03/31/2009
CLASS PERIOD START: 05/22/2007
CLASS PERIOD END: 12/01/2008
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    655 West Broadway, Suite 1900, Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 · info@csgrr.com/
  2. Dyer & Berens LLP (former)
    682 Grant Street, Dyer & Berens LLP (former), CO 80203-3507
    303.861.1764 303.861.1764 · contact@dyerberens.com
  3. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
No Document Title Filing Date