According to the complaint filed December 01, 2010, the Registration Statement and Prospectus contained false and misleading statements and omissions of material fact which misled the Plaintiff and a class of similarly situated investors who redeemed securities pursuant thereto between March 1, 2009 through and including the present (the "Class Period").
As a result of Principal Fund's failure to fulfill their duty, Plaintiff and other similarly situated shareholders who invested in the Funds and sought redemption by mail suffered damages when their redemption orders were mailed to Principal Funds' Boston P.O. box if their shares were trading at higher prices than the following day prices when the redemption order was shippedfrom the Boston P.O. Box to Principal Funds' transaction processing center in Canton.
On March 4, 2011, the defendants filed a motion to dismiss the complaint.
According to the Stipulation of Dismissal filed on March 25, 2011, the parties agree to dismiss the action with prejudice, each party expressly waiving all rights of appeal and each party agreeing to bear its own costs and attorneys’ fees in this matter. The civil case was terminated on March 28, 2011.