|Company:||SSgA Intermediate Fund|
|Class Period:||Sep-11-05 to Sep-11-08|
|Lead Plaintiff Deadline:||Nov-10-08|
|Court:||Southern District of New York|
The complaint alleges that defendants solicited investors to purchase shares of the Intermediate Fund by making statements in its registration statement and subsequent supplemental prospectuses that described the Fund's objective as one that "seeks a high level of current income while preserving principal by investing primarily in a diversified portfolio of debt securities with a dollar-weighted average maturity between three and ten years." Moreover, the registration statement represented that the investment objective of the Intermediate Fund was to invest "at least 80% of its total assets in debt instruments" and to invest in "debt instruments rated investment grade or better."
As alleged in the complaint, these statements, among others, were materially false and misleading because they omitted and/or misrepresented the true facts, including: (a) the actual risks associated with acquiring shares of the Intermediate Fund; (b) that the Intermediate Fund: (i) was heavily invested in high-risk mortgage-backed securities and/or securities tied to the value of subprime mortgages; and (ii) had vast undisclosed exposure to the subprime lending industry; and (c) that the Fund had materially altered its investment strategy, which had resulted in the dramatic deterioration in the quality of the Fund's investment. As a result of defendants' investment strategy, the Intermediate Fund suffered declines of more than 50% by September 2007.
Plaintiff seeks to recover damages on behalf of all purchasers of the shares of the Fund within the three years that preceded the filing of this lawsuit. If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today.
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.