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Milberg Weiss Announces the Filing of a Class Action Suit in the District of
Massachusetts Against Putnam Funds Defendants on Behalf of Purchasers of the
Securities of the Putnam Funds Family of Funds
NEW YORK, Nov. 3 /PRNewswire/ -- The law firm of Milberg Weiss Bershad Hynes &
Lerach LLP announces that a class action lawsuit was filed on October 30, 2003,
on behalf of purchasers of the securities of the Putnam Funds family of funds
(the "Funds"), between November 1, 1998 and September 3, 2003, inclusive, (the
"Class Period"), seeking to pursue remedies under the Securities Exchange Act of
1934, the Securities Act of 1933 and the Investment Advisers Act of 1940. A
copy of the complaint filed in this action is available from the Court, or can
be viewed on Milberg Weiss' website at:
http://www.milberg.com/cases/putnamfunds-ma/
The Funds, and the symbols for the respective Funds named below, are as
follows:
Putnam American Government Income Fund (Sym: PAGVX, PAMBX, PAMMX)
Putnam Arizona Tax Exempt Income Fund (Sym: PTAZX, PAZBX)
Putnam Asset Allocation: Balanced Portfolio (Sym: PABAX, PABBX, AABCX,
PABMX)
Putnam Asset Allocation: Conservative Portfolio (Sym: PACAX, PACBX,
PACCX, PACMX)
Putnam Asset Allocation: Growth Portfolio (Sym: PAEAX, PAEBX, PAECX,
PAGMX)
Putnam California Tax Exempt Income Fund (Sym: PCTEX, PCTBX, PCLMX)
Putnam Capital Appreciation Fund (Sym: PCAPX, PCABX, PCAMX)
Putnam Capital Opportunities Fund (Sym: PCOAX, POPBX, PCOCX)
Putnam Classic Equity Fund (Sym: PXGIX, PGIIX, PGTCX, PGIMX)
Putnam Convertible Income-Growth Trust (Sym: PCONX, PCNBX, PCNMX)
Putnam Discovery Growth Fund (Sym: PVIIX, PVYBX, PVYCX, PVYMX)
Putnam Diversified Income Trust (Sym: PDINX, PSIBX, PDVCX, PDVMX)
Putnam Equity Income Fund (Sym: PEYAX, PEQNX, PEQCX, PEIMX)
Putnam Europe Equity Fund (Sym:PEUGX, PEUBX, PEUMX)
Putnam Florida Tax Exempt Income Fund (Sym: PTFLX, PFLBX)
Putnam Fund for Growth and Income (Sym: PGRWX, PGIBX, PGRIX, PGRMX)
George Putnam Fund of Boston (Sym: PGEOX, PGEBX, PGPCX, PGEMX)
Putnam Global Equity Fund (Sym: PEQUX, PEQBX, PUGCX, PEQMX)
Putnam Global Income Trust (Sym: PGGIX, PGLBX, PGGMX)
Putnam Global Natural Resources Fund (Sym: EBERX, PNRBX, PGLMX)
Putnam Growth Opportunities Fund (Sym: POGAX, POGBX, POGCX, PGOMX)
Putnam Health Sciences Trust (Sym: PHSTX, PHSBX, PCHSX, PHLMX)
Putnam High Yield Advantage Fund (Sym: PHYIX, PHYBX, PHYMX)
Putnam High Yield Trust (Sym: PHIGX, PHBBX, PCHYX, PHIMX)
Putnam Income Fund (Sym: PINCX, PNCBX, PUICX, PNCMX)
Putnam Intermediate U.S. Government Income Fund (Sym: PBLGX, PBGBX,
PVICX)
Putnam International Capital Opportunities Fund (Sym: PNVAX, PVNBX,
PUVCX, PIVMX)
Putnam International Equity Fund (Sym: POVSX, POVBX, PIGCX, POVMX)
Putnam International Growth and Income Fund (Sym: PNGAX, PGNBX, PIGRX,
PIGMX)
Putnam International New Opportunities Fund (Sym: PINOX, PINWX, PIOCX,
PINMX)
Putnam Investors Fund (Sym: PINVX, PNVBX, PCINX, PNVMX)
Putnam Massachusetts Tax Exempt Income Fund (Sym: PXMAX, PMABX)
Putnam Michigan Tax Exempt Income Fund (Sym: PXIMX, PMEBX)
Putnam Mid Cap Value Fund (Sym: PMVAX, PMVBX, PMPCX)
Putnam Minnesota Tax Exempt Income Fund (Sym: PXMNX, PMTBX)
Putnam Money Market Fund (Sym: PDDXX, PTBXX, PFCXX, PTMXX)
Putnam Municipal Income Fund (Sym: PTFHX, PFHBX, PMUMX)
Putnam New Jersey Tax Exempt Income Fund (Sym: PTNJX, PNJBX)
Putnam New Opportunities Fund (Sym: PNOPX, PNOBX, PNOMX)
Putnam New Value Fund (Sym: PANVX, PBNVX, PNVCX, PMNVX)
Putnam New York Tax Exempt Income Fund (Sym: PTEIX, PEIBX)
Putnam New York Tax Exempt Opportunities Fund (Sym: PTNHX, PTNBX, PNYMX)
Putnam OTC & Emerging Growth Fund (Sym: POEGX, POTBX, POEXC, POEMX)
Putnam Ohio Tax Exempt Income Fund (Sym: PHOHX, POXBX)
Putnam Pennsylvania Tax Exempt Income Fund (Sym: PTEPX, PPNBX)
Putnam Research Fund (Sym: PNRAX, PRFBX, PRACX)
Putnam Small Cap Growth Fund (Sym: PNSAX)
Putnam Small Cap Value Fund (Sym: PSLAX, PSLBX, PSLCX. PSLMX)
Putnam Tax Exempt Income Fund (Sym: PTAEX, PTBEX, PTXMX)
Putnam Tax Exempt Money Market Fund (Sym: PTXXX)
Putnam Tax Smart Equity Fund (Sym: PATSX, PBTSX, PCSMX)
Putnam Tax-Free High Yield Fund (Sym: PTHAX, PTHYX, PTYMX)
Putnam Tax-Free Insured Fund (Sym: PPNAX, PTFIX)
Putnam U.S. Government Income Trust (Sym: PGSIX, PGSBX, PGVCX, PGSMX)
Putnam Utilities Growth and Income Fund (Sym: PUGIX, PUTBX, PUTMX)
Putnam Vista Fund (Sym: PVISX, PVTBX, PCVFX, PVIMX)
Putnam Voyager Fund (Sym: PVOYX, PVOBX, PVFCX, PVOMX)
The action, numbered 03-cv-12116, is pending in the United States District Court
for the District of Massachusetts against defendants Marsh & McLennan Companies,
Inc., Putnam Investments Trust, Putnam Investment Management LLC, Putnam
Investment Funds, each of the Funds, and John Does 1-100. The Honorable Joseph
L. Tauro is the Judge presiding over the action.
The Complaint alleges that defendants violated Sections 11 and 15 of the
Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act
of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the
Investment Advisers Act of 1940. The Complaint charges that, throughout the
Class Period, defendants failed to disclose that they improperly allowed certain
investors (the John Doe defendants) to engage in the "timing" of their
transactions in the Funds' securities. Timing is excessive, arbitrage trading
undertaken to turn a quick profit. Timing injures ordinary mutual fund
investors -- who are not allowed to engage in such practices -- and is
acknowledged as an improper practice by the Funds. In return for receiving
extra fees defendants allowed the John Doe defendants to engage in timing, to
the detriment of class members, who paid, dollar for dollar, for the favored
investors' improper profits. These practices were undisclosed in the
prospectuses of the Funds, which falsely represented that the Funds actively
police against timing.
If you bought the securities of any of the Funds between November 1, 1998 and
September 3, 2003 and sustained damages, you may, no later than December 22,
2003, request that the Court appoint you as lead plaintiff. 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. You may retain Milberg
Weiss Bershad Hynes & Lerach LLP, or other counsel of your choice, to serve as
your counsel in this action.
Milberg Weiss Bershad Hynes & Lerach LLP (http://www.milberg.com/) is a
190-lawyer firm with offices in New York City, San Diego, San Francisco, Los
Angeles, Boca Raton, Philadelphia and Seattle, and is active in major
litigations pending in federal and state courts throughout the United States.
Milberg Weiss has taken a leading role in many important actions on behalf of
defrauded investors, consumers, and others, and has been responsible for more
than $20 billion in aggregate recoveries. Please contact the Milberg Weiss
website for more information about the firm. If you wish to discuss this action
with us, or have any questions concerning this notice or your rights and
interests with regard to the case, please contact the following attorneys:
Steven G. Schulman
Peter E. Seidman
Andrei V. Rado
One Pennsylvania Plaza, 49th fl.
New York, NY, 10119-0165
Phone number: (800) 320-5081
Email:
Website: http://www.milberg.com/
DATASOURCE: Milberg Weiss Bershad Hynes & Lerach LLP
CONTACT: Steven G. Schulman, Peter E. Seidman, or Andrei V. Rado,
1-800-320-5081, , all for Milberg Weiss Bershad
Hynes & Lerach LLP
Web site: http://www.milberg.com/
http://www.milberg.com/cases/putnamfunds-ma