The Reserve Fund's Primary Fund RFIXX Securities Fraud

September 23 2008 - by Lucy Campbell

Company:	The Reserve Fund's Primary Fund
Ticker Symbol:	RFIXX
Class Period:	Sep-28-07 to Sep-16-08
Date Filed:	Sep-19-08
Lead Plaintiff Deadline:	Nov-18-08
Court:	Southern District of New York
Allegations:

A class action amended complaint (the "Complaint") was filed September 19, 2008 in the U.S. District Court for the Southern District of New York by the law firm of Stull, Stull & Brody and its co-counsel, on behalf of plaintiff and a proposed class of purchasers of shares of The Reserve Fund's Primary Fund during the period September 28, 2007 through September 16, 2008, inclusive (the "Class Period").

The Complaint alleges that the Fund and the Fund's underwriter, investment adviser, officers and trustees and the other related Defendants, violated Sections 11, 12 and 15 of the Securities Act of 1933 by making false and misleading statements and omissions concerning the lack of true diversification of the Fund's assets, safety of principal, access to liquidity and exposure to at least face value debt of $785 million of the now defunct Lehman Brothers Holdings, Inc., that the Fund's risk profile was not only "marginally higher" than cash, the high vulnerability of the money market fund to suddenly drop below $1 per share to as low as $.95 per share, and the fact that the net asset value of the money market fund ("ANAV") was speculative and inflated. Thus, the Fund's Registration Statement and Prospectus issued September 28, 2007, pursuant to which members of the proposed class purchased or acquired shares of the Fund during the Class Period, was materially false and misleading.

If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.

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