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Spector, Roseman & Kodroff, P.C. Announces Class Period for Shareholder Class
Action Suit on Behalf of Investors in INVESCO Mutual Funds - IMGAX, IDYAX,
ITYAX, ISGAX
Lead Plaintiff Petitions Due February 2, 2004
PHILADELPHIA, Dec. 18 /PRNewswire/ -- Spector, Roseman & Kodroff, P.C.
announces that a class action lawsuit is pending in the United States District
Court for the District of Colorado on behalf of purchasers, redeemers and
holders of shares of the INVESCO Mutual Funds set forth below (the "Funds")
between December 5, 1998 and November 24, 2003, inclusive ("Class Period").
The Funds that are the subject of this suit and their symbols are as follows:
INVESCO Advantage Health Sciences Fund
(NASDAQ:IAGHXNASDAQ:IGHBXNASDAQ:IGHCX)
INVESCO Core Equity Fund
(NASDAQ:ICEAXNASDAQ:ICEBXNASDAQ:IINCXNASDAQ:FIIIXNASDAQ:IEIKX)
INVESCO Dynamics Fund
(NASDAQ:IDYAXNASDAQ:IDYBXNASDAQ:IFDCXNASDAQ:FIDYXNASDAQ:IDYKXNASDAQ:IDICX)
INVESCO Energy Fund
(NASDAQ:IENAXNASDAQ:IENBXNASDAQ:IEFCXNASDAQ:FSTEXNASDAQ:IENKX)
INVESCO Financial Services Fund
(NASDAQ:IFSAXNASDAQ:IFSBXNASDAQ:IFSCXNASDAQ:FSFSXNASDAQ: FSFKX)
INVESCO Gold & Precious Metals Fund
(NASDAQ:IGDAXNASDAQ:IGDBXNASDAQ:IGDCXNASDAQ:FGLDX)
INVESCO Health Sciences Fund
(NASDAQ:IAHSXNASDAQ:IBHSXNASDAQ:IHSCXNASDAQ:FHLSXNASDAQ:IHSKX)
INVESCO Leisure Fund
(NASDAQ:ILSAXNASDAQ:ILSBXNASDAQ:IVLCXNASDAQ:FLISXNASDAQ:ILEKX)
INVESCO Mid-Cap Growth Fund
(NASDAQ:IMGAXNASDAQ:IMGBXNASDAQ:IMGCXNASDAQ:IVMIXNASDAQ:PRMIX)
INVESCO Multi-Sector Fund (NASDAQ:IAMSXNASDAQ:IBMSXNASDAQ:ICMSX)
AIM INVESCO S&P 500 Index Fund (NASDAQ:ISPIX)
INVESCO Small Company Growth Fund
(NASDAQ:ISGAXNASDAQ:ISGBXNASDAQ:ISGCXNASDAQ:FIEGXNASDAQ: ISCKX)
INVESCO Technology Fund
(NASDAQ:ITYAXNASDAQ:ITYBXNASDAQ:ITHCXNASDAQ:FTCHXNASDAQ:ITHKXNASDAQ: FTPIX)
INVESCO Total Return Fund (NASDAQ:IATRXNASDAQ:IBTRXNASDAQ:ITRCXNASDAQ:FSFLX)
INVESCO Utilities Fund (NASDAQ:IAUTXNASDAQ:IBUTXNASDAQ:IUTCXNASDAQ:FSTUX)
INVESCO Advantage Fund (NASDAQ:IADAXNASDAQ:IADBXNASDAQ:IADCX)
INVESCO Balanced Fund
(NASDAQ:IBLAXNASDAQ:IBLBXNASDAQ:IBFIXNASDAQ:IMABXNASDAQ:IBLKX)
INVESCO European Fund
(NASDAQ:IEUAXNASDAQ:IEUBXNASDAQ:IEUCXNASDAQ:FEURXNASDAQ:IEUKX)
INVESCO Growth Fund
(NASDAQ:IAGWXNASDAQ:IBGWXNASDAQ:IBGCXNASDAQ:FLRFXNASDAQ:IGWKX)
INVESCO High-Yield Fund
(NASDAQ:IAHYXNASDAQ:IBHYXNASDAQ:IHYCXNASDAQ:FHYPXNASDAQ:IHYKX)
INVESCO Growth & Income Fund
(NASDAQ:IGIAXNASDAQ:IGIBXNASDAQ:IGRCXNASDAQ:IVGIXNASDAQ:IGIKX)
INVESCO International Blue Chip Value Fund
(NASDAQ:IBVAXNASDAQ:IBVBXNASDAQ:IBVCXNASDAQ: IIBCX)
INVESCO Real Estate Opportunity Fund
(NASDAQ:IAREXNASDAQ:IBREXNASDAQ:IRECXNASDAQ:IVSRX)
INVESCO Select Income Fund
(NASDAQ:IASIXNASDAQ:IBSIXNASDAQ:ISICXNASDAQ:FBDSXNASDAQ:ISIKX)
INVESCO Tax-Free Bond Fund
(NASDAQ:IXBAXNASDAQ:IXBBXNASDAQ:ITFCXNASDAQ:FTIFXNASDAQ:IVTIX)
INVESCO Telecommunications Fund
(NASDAQ:ITLAXNASDAQ:ITLBXNASDAQ:INTCXNASDAQ:ISWCXNASDAQ: ITEKX)
INVESCO U.S. Government Securities Fund
(NASDAQ:IGVAXNASDAQ:IGVBXNASDAQ:IUGCXNASDAQ: FBDGX)
INVESCO Value Fund (NASDAQ:IAVEXNASDAQ:IBVEXNASDAQ:IVACXNASDAQ:FSEQX)
The Complaint charges INVESCO, Amvescap, AIM Management Group, Inc., AIM Stock
Funds, Inc., INVESCO Stock Funds, Inc., Edward Stern, Canary Investment
Management, LLC, Canary Partners Ltd., Canary Partners, LLC ("collectively
"Canary"), and Doe Defendants with violating the Securities Act of 1933, the
Securities Exchange Act of 1934, the Investment Company Act of 1940, and with
common law breach of fiduciary duties. Specifically, it is alleged that during
the Class Period, defendants failed to disclose that they improperly allowed
certain favored investors, including Canary and the Doe defendants, to engage in
the "market timing" of their transactions in the Funds. Market timing is short
term, arbitrage trading that exploits inefficiencies in the way mutual funds are
priced. Market timing injures long-term mutual fund investors, who are not
allowed to engage in such practices, by, among other things, diluting the
profits they would otherwise receive and by concentrating their losses.
According to the Complaint, favored investors were allowed to market time their
transactions despite specific restrictions on these practices in the
prospectuses of the Funds.
If you purchased, held or redeemed the Funds during the Class Period and if you
meet certain other legal requirements, you may file a motion in the court where
the lawsuit has been filed to serve as a lead plaintiff. You must file your
motion no later than February 2, 2004.
A lead plaintiff is a representative party that acts on behalf of other class
members in directing the litigation. In order to be appointed lead plaintiff,
the court must determine that the class member's claim is typical of the claims
of other class members, and that the class member will adequately represent the
class. Under certain circumstances, one or more class members may together
serve as "lead plaintiff." Your ability to share in any recovery is not,
however, affected by the decision whether or not to serve as a lead plaintiff.
The requirements for serving as a lead plaintiff are set forth in the Private
Securities Litigation Reform Act of 1995 (15 U.S.C. Section 78u-4).
If you have sustained substantial losses in INVESCO Funds during the Class
Period, please contact Spector, Roseman & Kodroff, P.C. at for a more thorough
explanation of the Lead Plaintiff selection process. If you have relatively
small losses, your ability to participate in any recovery will be protected by
the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit
http://www.srk-law.com/dbjoinaclassaction.asp. If you wish to discuss this
action or have any questions concerning this notice or your rights or interests,
please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862
or via E-mail at . For more detailed information about the firm please visit
its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania
concentrates its practice in complex litigation including actions dealing with
securities laws, antitrust, contract and commercial claims. The firm is active
in major litigation pending in federal and state courts throughout the United
States. The firm's reputation for excellence has been recognized on repeated
occasions by courts which have appointed the firm as lead counsel in numerous
major class actions involving violations of the federal securities laws and the
federal antitrust laws, and consumer fraud. As a result of the efforts of the
firm, and its members, hundreds of millions of dollars have been recovered on
behalf of thousands of defrauded shareholders and companies.
DATASOURCE: Spector, Roseman & Kodroff, P.C.
CONTACT: Robert M. Roseman of Spector, Roseman & Kodroff,
+1-888-844-5862
Web site: http://www.srk-law.com/dbjoinaclassaction.asp
http://www.srk-law.com/