Barrack, Rodos and Bacine Files Securities Class Action Against MFS Investment Management

Barrack, Rodos and Bacine Files Securities Class Action Against MFS Investment
Management

PHILADELPHIA, July 28 /PRNewswire/ -- Barrack Rodos & Bacine announces
that it has filed a class action lawsuit against MFS Investment Management
("MFS") in the United States District Court for the Middle District of
Pennsylvania on behalf of investors who purchased class A shares of certain
multi-class MFS stock mutual funds in the aggregate amount of less than
$50,000 during the period July 28, 2003 through July 28, 2008 ("Class
Period"), and paid a load or commission. The complaint charges MFS,
Massachusetts Financial Services Co., and MFS Funds Distributors, Inc. with
violations of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C.
Sec. 78j(b), and Rule 10b-5, 17 C.F.R. Sec. 240.10b-5. The case is captioned
Smith v. MFS Investment Management, et al., and is docketed at 3:08-cv-1407.
The complaint alleges that, during the Class Period, defendants engaged in
a scheme to defraud investors by disseminating prospectuses for the following
mutual funds that contain incorrect, incomplete and misleading information:
Massachusetts Investors Growth Stock Fund (MIGFX); Massachusetts Investors
Trust (MITTX); MFS Aggressive Growth Allocation Fund (MAAGX); MFS Conservative
Allocation Fund (MACFX); MFS Core Equity Fund (MRGAX); MFS Core Growth Fund
(MFCAX); MFS Emerging Growth Fund (MFEGX); MFS Emerging Markets Equity Fund
(MEMAX); MFS Global Equity Fund (MWEFX); MFS Global Growth Fund (MWOFX); MFS
Global Total Return Fund (MFWTX); MFS Growth Allocation Fund (MAGWX); MFS
International Diversification Fund (MDIDX); MFS International Growth Fund
(MGRAX); MFS International New Discovery Fund (MIDAX); MFS International Value
Fund (MGIAX); MFS Mid Cap Growth Fund (OTCAX); MFS Mid Cap Value Fund (MVCAX);
MFS Moderate Allocation Fund (MAMAX); MFS New Discovery Fund (MNDAX); MFS New
Endeavor Fund (MECAX); MFS Research Fund (MFRFX); MFS Research International
Fund (MRSAX); MFS Sector Rotational Fund (SRFAX); MFS Strategic Value Fund
(MSVTX); MFS Technology Fund (MTCAX); MFS Total Return Fund (MSFRX); MFS Union
Standard Equity Fund (MUEAX); MFS Utilities Fund (MMUFX); and MFS Value Fund
(MEIAX).
According to the complaint, the defendants, in contravention of their
disclosure obligations, knowingly presented class A shares as the best
performing share class for the long-term, causing the class members to
purchase class A shares of the aforementioned mutual funds, when class B
and/or class C shares would have been their best investment choice for any
holding period. By making misleading disclosures in, and omitting material
information from, the prospectuses for these funds, defendants earned
excessive profits while the plaintiff and other class members suffered
decreased returns on their investments.
If you acquired class A shares of any of the MFS mutual funds listed above
in the aggregate amount of less than $50,000 during the Class Period, and paid
a load or commission, you may, not later than September 26, 2008, file a
motion with the court seeking to serve as lead plaintiff of the proposed
class. To discuss your rights regarding the appointment of lead plaintiff and
for additional information about your interest in this class action, or if you
purchased class A shares of fund families other than MFS and paid a load or a
commission and would like to discuss whether you have a similar claim
regarding those other funds, please call: 877-FUND-304 (877-386-3304).
SOURCE Barrack, Rodos & Bacine

Daniel Bacine, Esq., Barrack, Rodos & Bacine, +1-215-963-0600