Another law firm has commenced a class action suit against Morgan Keegan Asset Management for the losses in its bond funds. South Burlington , Vermont-based Johnson & Perkinson has given potential defendants until April 7 to come forward. Morgan Keegan is currently the subject of several other lawsuits and an investigation by the SEC.
Company Press Release
Johnson & Perkinson hereby announces the commencement of a class action lawsuit naming Morgan Keegan & Co., Inc., Morgan Keegan Asset Management, Inc., Regions Financial Corporation and related companies and officers and directors. The action, docket numbered 08-CV-2127, was filed in the United States District Court for the Western District of Tennessee. Individuals, families, trusts or other entities that invested in the RMK Advantage Income Fund (NYSE: RMA); RMK Strategic Income Fund (NYSE: RSF); or RMK High Income Fund (NYSE: RMH) between December 6, 2004 through December 6, 2007, have the opportunity to meaningfully participate as Lead Plaintiffs in the currently pending class action litigation against the Company. To do so, you must apply to serve in that capacity by April 7, 2008.
Johnson & Perkinson, a litigation boutique law firm based in South Burlington, Vermont, has extensive experience prosecuting investor class actions and actions involving financial fraud. Attorneys Johnson and Perkinson are both former employees of the Securities and Exchange Commission. Dedicated to maximizing shareholder return, members of Johnson & Perkinson have prosecuted complex class actions alleging securities or consumer fraud/deception on behalf of investors/consumers against numerous public companies since 1985, resulting in the recovery of many hundreds of millions of dollars, and have been singled out for excellence by various courts. The firm is litigating, or has recently resolved litigation, as Lead or Co-Lead Counsel in securities class actions against Xerox, Priceline, Wireless Facilities, i2 and Xchange, and serves on the Executive Committee in the Global Crossing case.
The pending 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.
If you wish to discuss this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Johnson & Perkinson attorneys James F. Conway, III or Eben F. Duval toll free at 1-888-459-7855; via email at email@jpclasslaw.com; through our website at www.jpclasslaw.com; or by mail at Johnson & Perkinson, 1690 Williston Road, P.O. Box 2305, South Burlington, Vermont 05403. Attorneys at Johnson & Perkinson can help you decide if seeking appointment as a Lead Plaintiff is right for you. Your ability to share in any recovery is not affected by your decision to not seek appointment as a Lead Plaintiff.
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