Stull, Stull & Brody Announces Class Action against Canadian Imperial Bank of Commerce.

Business Editors/Legal Writers

NEW YORK--(BUSINESS WIRE)--April 21, 2004

Notice is hereby given that a class action lawsuit was filed on April 21, 2004, in the United States District Court for the Southern District of New York, on behalf of purchasers of the securities of the MFS family of mutual funds (the "MFS Mutual Funds"), including, but not limited to MFS Capital Opportunities Fund (Nasdaq: MCOFX, MCOBX, MCOCX, MFCRX, MCOTX, EACOX, EBCOX, ECCOX); MFS Core Growth Fund (Nasdaq: MFCAX, MFCBX, MFCCX, MCFRX, MCRRX); MFS Emerging Growth Fund (Nasdaq: MEGRX, MEGBX, MFECX, MFERX, EAGRX, EBEGX, ECEGX); and MFS Growth Opportunities Fund (Nasdaq: MGOFX, MGOBX), between January 1, 2001 and September 30, 2003, inclusive (the "Class Period").

If you with to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Stull, Stull & Brody (Aaron Brody, Esq.) toll free at 1-800-337-4983 or 1-212-687-7230, or via e-mail at [e-mail].

The following MFS Mutual Funds are subject to this lawsuit:

MFS Capital Opportunities Fund (Nasdaq: MCOFX, MCOBX, MCOCX, MFCRX, MCOTX, EACOX, EBCOX, ECCOX)

MFS Core Growth Fund (Nasdaq: MFCAX, MFCBX, MFCCX, MCFRX, MCRRX),

MFS Emerging Growth Fund (Nasdaq: MEGRX, MEGBX, MFECX, MFERX, EAGRX, EBEGX, ECEGX)

MFS Growth Opportunities Fund (Nasdaq: MGOFX, MGOBX)

MFS Large Cap Growth Fund (Nasdaq: MCGAX, MCGBX)

MFS Managed Sectors Fund (Nasdaq: MMNSX, MSEBX, MMNCX)

MFS Mid Cap Growth Fund (Nasdaq: OTCAX, OTCBX, OTCCX, MMCRX, MCPRX, EAMCX, EBCGX, EGCRX)

MFS New Discovery Fund (Nasdaq: MNDAX, MNDBX, MNDCX, MFNRX, MNDRX, EANDX, EBNDX, ECNDX)

MFS New Endeavor Fund (Nasdaq: MECAX, MECBX, MECCX, MNERX, MENRX)

MFS Research Fund (Nasdaq: MFRFX, MFRBX, MFRCX, MFRRX, MSRRX, EARFX, EBRFX, ECRFX)

MFS Strategic Growth Fund (Nasdaq: MFSGX, MSBGX, MFGCX, MSGRX, MSTRX, EASGX, EBSGX, ECSGX)

MFS Technology Fund (Nasdaq: MTCAX, MTCBX, MTCCX, MTQRX, MTERX)

Massachusetts Investors Growth Stock Fund (Nasdaq: MIGFX, MIGBX, MIGDX, MIGRX, MIRGX, EISTX, EMIVX, EMICX)

MFS Mid Cap Value Fund (Nasdaq: MVCAX, MCBVX, MVCCX, MMVRX, MCVRX, EACVX, EBCVX, ECCVX)

MFS Research Growth and Income Fund (Nasdaq: MRGAX, MRGBX, MRGCX, MGIRX, MRERX)

MFS Strategic Value Fund (Nasdaq: MSVTX, MSVCX, MQSVX, MSVRX, MVSRX, EASVX, EBSVX, ECSVX)

MFS Total Return Fund (Nasdaq: MSFRX, MTRBX, MTRCX, MFTRX, MTRRX, EATRX, EBTRX, ECTRX)

MFS Union Standard Equity Fund (Nasdaq: MUEAX, MUSBX, MUECX)

MFS Utilities Fund (Nasdaq: MMUFX, MMUBX, MMUCX, MMURX, MURRX)

MFS Value Fund (Nasdaq: MEIAX, MFEBX, MEICX, MFVRX, MVRRX, EAVLX, EBVLX, ECVLX)

Massachusetts Investors Trust (Nasdaq: MITTX, MITBX, MITCX, MITRX, MIRTX, EAMTX, EBMTX, ECITX)

MFS Aggressive Growth Allocation Fund (Nasdaq: MAAGX, MBAGX, MCAGX, MAARX, MAWAX, EAGTX, EBAAX, ECAAX)

MFS Conservative Allocation Fund (Nasdaq: MACFX, MACBX, MACVX, MACRX, MCARX, ECLAX, EBCAX, ECACX)

MFS Growth Allocation Fund (Nasdaq: MAGWX, MBGWX, MGCWX, MGARX, MGALX, EAGWX, EBGWX, ECGWX)

MFS Moderate Allocation Fund (Nasdaq: MAMAX, MMABX, MMCAX, MAMRX, MARRX, EAMDX, EBMDX, ECMAX)

MFS Bond Fund (Nasdaq: MFBFX, MFBBX, MFBCX, MFBRX, MBRRX, EABDX, EBBDX, ECBDX)

MFS Emerging Markets Debt Fund (Nasdaq: MEDAX, MEDBX, MEDCX)

MFS Government Limited Maturity Fund (Nasdaq: MGLFX, MGLBX, MGLCX)

MFS Government Mortgage Fund (Nasdaq: MGMT, MGTBX)

MFS Government Securities Fund (Nasdaq: MFGSX, MFGBX, MGFDX, MGSRX, MGVSX, EAGSX, EBGSX, ECGXX)

MFS High Income Fund (Nasdaq: MHITX, MHIBX, MHICX, EAHIX, EMHBX, EMHCX, MHIIX, MHIRX)

MFS High Yield Opportunities Fund (Nasdaq: MHOAX, MHOB, MHOCX, MHOIX)

MFS Intermediate Investment Grade Bond Fund (Nasdaq: MGBFX, MGBVX, MGBCX, MGBEX, MIBRX)

MFS Limited Maturity Fund (Nasdaq: MQLFX, MQLBX, MQLCX, EALMX, EBLMX, ELDCX, MLDRX)

MFS Research Bond Fund (Nasdaq: MRBFX, MRBBX, MRBCX, EARBX, EBRBX, ECRBX, MRBIX, MRBRX)

MFS Strategic Income Fund (Nasdaq: MFIOX, MIOBX, MIOCX, MFIIX)

MFS Alabama Municipal Bond Fund (Nasdaq: MFALX, MBABX)

MFS Arkansas Municipal Bond Fund (Nasdaq: MFARX, MBARX)

MFS California Municipal Bond Fund (Nasdaq: MCFTX, MBCAX)

MFS Florida Municipal Bond Fund (Nasdaq: MFFLX, MBFLX)

MFS Georgia Municipal Bond Fund (Nasdaq: MMGAX, MBGAX)

MFS Maryland Municipal Bond Fund (Nasdaq: MFSMX, MBMDX)

MFS Massachusetts Municipal Bond Fund (Nasdaq: MFSSX, MBMAX)

MFS Mississippi Municipal Bond Fund (Nasdaq: MISSX, MBMSX)

MFS Municipal Bond Fund (Nasdaq: MMBFX, MMBBX)

MFS Municipal Limited Maturity Fund (Nasdaq: MTLFX, MTLBX, MTLCX)

MFS New York Municipal Bond Fund (Nasdaq: MSNYX, MBNYX, MCNYX)

MFS North Carolina Municipal Bond Fund (Nasdaq: MSNCX, MBNCX, MCNCX)

MFS Pennsylvania Municipal Bond Fund (Nasdaq: MFPAX, MBPAX)

MFS South Carolina Municipal Bond Fund (Nasdaq: MFSCX, MBSCX)

MFS Tennessee Municipal Bond Fund (Nasdaq: MSTNX, MBTNX)

MFS Virginia Municipal Bond Fund (Nasdaq: MSVAX, MBVAX, MVACX)

MFS West Virginia Municipal Bond Fund (Nasdaq: MFWVX, MBWVX)

MFS Emerging Markets Equity Fund (Nasdaq: MEMAX, MEMBX, MEMCX, MEMIX)

MFS Global Equity Fund (Nasdaq: MWEFX, MWEBX, MWECX, MWEIX, MGERX)

MFS Global Growth Fund (Nasdaq: MWOFX, MWOBX, MWOCX, MWOIX, MGLRX)

MFS Global Total Return Fund (Nasdaq: MFWTX, MFWBX, MFWCX, MFWIX, MGRRX)

MFS International Growth Fund (Nasdaq: MGRAX, MGRBX, MGRCX, MQGIX)

MFS International New Discovery Fund (Nasdaq: MIDAX, MIDBX, MIDCX, EAIDX, EBIDX, ECIDX, MWNIX, MINRX)

MFS International Value Fund (Nasdaq: MGIAX, MGIBX, MGICX, MINIX)

MFS Research International Fund (Nasdaq: MRSAX, MRIBX, MRICX, EARSX, EBRIX, ECRIX, MRSIX, MRIRX)

The Complaint alleges that defendants, Canadian Imperial Bank ("CIBC"), Canadian Imperial Holdings, Inc. ("CIHI"), and Paul A. Flynn ("Flynn") violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, this action concerns a fraudulent scheme and course of action which was intended to and indeed did benefit the defendants at the expense of the MFS Mutual Fund investors. In connection therewith, defendants violated their fiduciary duties to their customers in return for substantial fees and other income for themselves and their affiliates. From 2001 to 2003, defendant Flynn, while employed as a Managing Director of Equity Investments at CIBC, substantially assisted STC and the Hedge Funds in engaging in late trading and deceptive market timing. Defendant Flynn knew or was reckless in not knowing that the Hedge Funds were engaging in late trading and deceptive market timing. Defendant Flynn arranged for the Hedge Funds to receive financing from a CIBC affiliate, CIHI. Defendant Flynn negotiated and structured swaps and loan agreements that provided the Hedge Funds with leverage of at least 3:1 to trade in mutual fund shares.

Defendant Flynn used his position at CIBC to arrange financing for illegal late trading and deceptive market timing of mutual funds by two hedge funds, Samaritan and Canary. The Hedge Funds' trades were placed through Security Trust Company, N.A. ("STC"), which disguised the hedge fund orders as being those of retirement and pension plans when placing them with mutual funds. The effect of the disguise was to allow the Hedge Funds to engage both in illegal late trading and in market timing of the mutual funds, and to thwart them from enforcing their anti-timing rules. Mutual funds that were illegally traded using defendant Flynn's financing include MFS' Emerging Growth Fund and Artisan International Fund. Moreover, in furtherance of arranging CIBC's financing, defendant Flynn wrote a memorandum explaining how the scheme works. As to late trading, after noting that trades could be submitted up until midnight, he wrote: "A pricing list is prepared by the company and submitted to our clients who are then able to run their timing models against actual closing prices instead of the previous day before they submit trades. Standard platforms require trades to be into (sic) before 4:00 p.m. submitted by specific account number and broker reference." As to timing, the complaint quotes Flynn's memo in describing how STC disguised the trades of the Hedge Funds (CIBC's clients) "to reduce the chance that they would appear to be timing a specific mutual fund."

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 purchased shares of mutual funds managed by MFS between January 1, 2001 and September 30, 2003, you may, no later than June 8, 2004, request 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 Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action.

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 Aaron Brody, Esq. at Stull, Stull & Brody by calling toll-free 1-800-337-4983, or by e-mail at [e-mail], or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.