A shareholder has sued New-York-based Pzena Investment Management
, claiming that the company failed to disclose big outflows in a fund it sub-advised when it filed for an IPO last month. Reuters
reports that New York law firm Abraham, Fruchter & Twersky is seeking class-action status. The suit stems from net redemptions in the $8 billion John Hancock Classic Value Fund
, which is sub-advised by Pzena, the disclosure of this fact on November 16 led to a stock price slide that allegedly harmed plaintiff Esther Lowinger.
Stay ahead of the news ... Sign up for our email alerts now