This is a securities class action lawsuit against Lord, Abbett & Co. LLC and Lord Abbett Distributor LLC ("Lord Abbett").
The class action lawsuit is brought on behalf of investors who received class A shares of certain multi-class Lord Abbett stock mutual funds after investing less than $50,000, and thus paid a sales charge of 5.75%.
The class action complaint alleges Lord Abbett defrauded investors by disseminating prospectuses containing incomplete and misleading information for the following mutual funds: Affiliated Fund; All Value Fund; Developing Growth Fund; Growth Opportunities Fund; Large Cap Core Fund; Large Cap Growth Fund; Large Cap Value Fund; Mid Cap Value Fund; Small Cap Blend Fund; Small Cap Value Fund; Value Opportunities Fund; Alpha Strategy Fund; Diversified Equity Strategy Fund (formerly Income Strategy Fund); Global Allocation Fund; International Core Equity Fund; America's Value Fund; Balanced Strategy Fund; Diversified Income Strategy Fund; Growth & Income Strategy Fund (formerly World Growth & Income Strategy Fund); International Dividend Income Fund; Developing Local Markets Fund.
The class action omplaint asserts that Lord Abbett knowingly marketed class A shares as the best performing alternative, when class B and/or class C shares, otherwise identical, would have been the best investment choice. The misleading disclosures actually omitted information from the fund prospectuses and allowed Lord Abbett to earn greater profits at the expense of plaintiff and class members. As a result, investors suffered considerable damages.
Name (Stock Symbol)
Lord, Abbett & Co. LLC
Lord, Abbett & Co. LLC is an asset manager and investment advisor, which sponsors its own family of mutual funds.
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