CORRECTING and REPLACING Stull, Stull & Brody Announces Class Action against Edward D. Jones & Co., L.P.Business Editors/Legal Writers CORRECTION...by Stull, Stull & Brody NEW YORK--(BUSINESS WIRE)--Feb. 13, 2004 In BW5331 issued Feb. 13, 2004: Please replace the release with the following corrected version. The corrected release reads: STULL, STULL & BRODY ANNOUNCES CLASS ACTION AGAINST EDWARD D. JONES Edward D. Jones, Sr. (July 29, 1893-October 10,1982) was an investment banker born in St. Louis. He graduated from Bellefontaine High School in Bellefontaine, Ohio in 1913, then from New York University in 1916. After graduating from NYU, Jones was employed by N. W. & CO., L.P. Notice is hereby given that a class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax was filed on February 13, 2004, in the United States District Court United States District Court In the U.S., any of the 94 trial courts of general jurisdiction in the federal judicial system. Each state, as well as the District of Columbia and the Commonwealth of Puerto Rico, has at least one federal district court. for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , on behalf of a class (the "Class") consisting of all who purchased or otherwise acquired shares or ownership units of Lord Abbett & Co., American Funds Please see the discussion on the talk page. The Complaint charges that, throughout the Class Period, defendants Edward D. Jones & Co., L.P. ("Edward Jones"), John W. Bachmann, Douglas E. Hill, Michael R. Holmes, Richie L. Malone, Steven Novik, Darryl L. Pope and Robert Virgil, Jr. violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated prom·ul·gate tr.v. prom·ul·gat·ed, prom·ul·gat·ing, prom·ul·gates 1. To make known (a decree, for example) by public declaration; announce officially. See Synonyms at announce. 2. thereunder. More specifically, the complaint alleges that defendants failed to disclose and/or indicate, during the Class Period, that (1) Edward Jones brokers entered into "revenue sharing revenue sharing Funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. " agreements with seven Mutual Fund companies; (2) Edward Jones exclusively trained its brokerage staff to sell the seven Mutual Funds that entered into "revenue sharing" agreements with Edward Jones; (3) Edward Jones discouraged its brokers from contacting and selling other mutual funds where no "revenue sharing" agreement had been made with Edward Jones; and (4) Edward Jones brokers and representatives received extra compensation when they sold any of the seven Mutual Funds to Class Members. The full extent of defendants' fraudulent scheme was finally revealed on January 9, 2004, when The Wall Street Journal published an article that disclosed Edward Jones' scheme. More specifically, the article stated that when training its brokers in fund sales, Edward Jones gave them information almost exclusively about the seven "preferred" Mutual Funds. Bonuses for brokers depend in part on selling the preferred Mutual Funds, and Edward Jones generally discouraged contact between brokers and sales representatives from rival funds. But while revenue sharing and related incentives were familiar to industry insiders, Edward Jones did not tell customers about any of these arrangements. Plaintiff seeks to recover damages on behalf of class members and is represented by, among others, the law firm of Stull, Stull & Brody. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at SSBNY@aol.com, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45 Street, New York, NY 10017. You may also visit our website at www.ssbny.com. |
|
||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion