Law Offices of Falls & Veach and Schatz Nobel Izard, P.C. File a Class Action Lawsuit against Morgan Keegan & Co., Inc. and Related Companies and Officers and Directors
NASHVILLE, Tenn.--(BUSINESS WIRE)--The law firms of Falls & Veach, with offices in Nashville, Tennessee and Asheville, North Carolina, and Schatz Nobel Izard, P.C., Hartford, Connecticut, today announced that a class action lawsuit has been filed in the United States District Court for the Western District of Tennessee, Memphis Division, against Morgan Keegan & Co., Inc., Morgan Keegan Asset Management, Inc., Regions Financial Corporation and related companies and officers and directors, Gregory et al v. Morgan Keegan & Co., Inc. et al, Case 2:08-cv-02078-SHM-sta. The plaintiffs are investors who lost money in the following Regions Morgan Keegan bond funds:
• RMK Advantage Income Fund (NYSE: RMA)
• RMK Strategic Income Fund (NYSE: RSF)
• RMK High Income Fund (NYSE: RMH)
The lawsuit seeks to represent all persons and entities who purchased shares of RMA, RSF and RMH (the “Funds”) during the period December 6, 2004 through December 6, 2007 (the “Class” or “Class Period”).
The complaint charges the Funds' registrants, the Funds' administrator, Morgan Keegan & Co., Inc., the Funds' adviser, Morgan Asset Management, Inc., Regions Financial Corp. and certain of Morgan Keegan's officers and/or directors with violations of the Securities Act of 1933. The Complaint alleges that the Funds and the other defendants misrepresented or failed to disclose material facts relating to (i) the nature of the risk being assumed by an investment in the Funds, (ii) the illiquidity of certain securities in which the Funds invested, (iii) the extent to which the Funds' portfolios contained securities that were illiquid or exhibited the characteristics of illiquid securities so that they were highly vulnerable to suddenly becoming unsalable at the prices at which they were being carried on the Funds' records, (iv) the extent to which the Funds' portfolios were subject to fair value procedures, (v) the extent to which the values of such securities, and, consequently, the net asset values of the Funds, were based on estimates of value and the uncertainty inherent in such estimated values, and (vi) the concentration of investments in a single industry in excess of investment restrictions to which the Funds were subject.
Plaintiffs seek to recover damages on behalf of all investors in the Funds during the Class Period. If you are a member of the Class described above, you may, no later than sixty days from February 7, 2008, move the court to serve as lead plaintiff of the Class. Your share in any recovery will not be enhanced or diminished by the decision whether or not to serve as lead plaintiff. If you would like to discuss this action or have any questions concerning this notice or your rights or interests, please contact:
|H. Naill Falls Jr.|
|Falls & Veach|
|1143 Sewanee Road|
|Nashville, Tennessee 37220|
|Phone: (615) 242-1826|
|Facsimile: (615) 242-1823|