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Rating:Fund Outflows Trigger a Lawsuit for Pzena Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, November 26, 2007

Fund Outflows Trigger a Lawsuit for Pzena

by: Erin Kello

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.  

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