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If you purchased a significant amount of shares of this company you have certain options and for certain investors are short and strict deadlines running. Investors should contact the Shareholders Foundation, Inc.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
<p>On Thursday, September 18, 2008, a shareholder has filed a proposed class action lawsuit against Lord, Abbett & Co. LLC and Lord Abbett Distributor LLC on behalf of investors who received class A shares of certain multi-class Lord Abbett stock mutual funds after investing less than $50,000, and thus paid a sales charge of 5.75% from September 11, 2003 to present in United States District Court for the District of New Jersey for allegedly defrauding investors.</p>
<p>According to the complaint the plaintiff alleges that Lord Abbett violated 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. Specifically the complaint alleges Lord Abbett defrauded investors. The plaintiff alleges that the prospectuses contained incomplete and misleading information for the following mutual funds:</p>
<p>The plaintiff alleges that Lord Abbett knowingly marketed class A shares as the best performing alternative, when class B and/or class C shares, otherwise identical, would have been the best investment choice. The misleading disclosures actually omitted information from the fund prospectuses and allowed Lord Abbett to earn greater profits at the expense of plaintiff and class members and as a result, investors suffered considerable damages, so the lawsuit.</p>
On December 18, 2008, the motion to appoint lead plaintiff and approving selection of lead counsel was granted.