Abraham, Fruchter & Twersky, LLP Files Class Action Suit Against Calamos Global Dynamic Income Fund

NEW YORK, NY--(Marketwire - April 22, 2008) - Abraham, Fruchter & Twersky, LLP filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of all purchasers who acquired the Auction Rate Cumulative Preferred Shares ("ARPS") of the Calamos Global Dynamic Income Fund ("Calamos Fund" or the "Fund") (NYSE: CHW) pursuant and/or traceable to a false and misleading registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the September 2007 offering (the "Offering"). The complaint charges Calamos Fund with violations of the Securities Act of 1933.

According to the complaint, on or about September 17, 2007, the Fund filed its Prospectus for the Offering, which forms part of the Registration Statement, and $350 million worth of the Fund's ARPS were sold to the public at $25,000 per share.

The complaint alleges that the Registration Statement contained untrue statements of material fact or omitted to state other facts necessary to make the statements made therein not misleading and was not prepared in accordance with applicable SEC rules and regulations. Specifically, the true facts which were omitted from the Registration Statement were that: (i) the purported "auctions" used by Calamos Fund to get the dividend rates were not bona fide auctions at all, but rather a mechanism to maintain the illusion of an efficient and liquid market for the ARPS so that the Calamos Fund could continue to earn fees from the so-called auctions and from the ongoing stabilizing of the market because of the lack of buyer demand; (ii) the default interest rate set as a consequence of a failed auction is less than the interest rate paid when auctions of certain competing municipal auction rate securities ("MARS") offered directly by municipal issuers fail; (iii) the ARPS suffer from an additional disadvantage compared to MARS because the ARPS are securities which exist in perpetuity until such time as the Fund calls them due while MARS have a set due date; and (iv) the default interest rate as set would cause the ARPS to trade at a discount to their par value if, and when, the auctions began to fail.

In the past few months, the market for auction rate securities has collapsed, as all of the major broker-dealers have announced that they will no longer purchase auction rate securities for their own accounts to ensure that the auctions do not fail. In the past month, thousands of auctions run by the broker-dealers failed. As a result, over $350 billion in auction rate securities that were once offered as "cash equivalents" are now illiquid, resulting in economic losses and severe hardships for investors.

Plaintiff seeks to recover damages on behalf of all purchasers of Calamos Fund's ARPS pursuant and/or traceable to the September 17, 2007 Registration Statement (the "Class"). The Plaintiff is represented by Abraham, Fruchter & Twersky, LLP which has extensive experience in securities class action cases, having been ranked among the leading class action law firms in terms of recoveries achieved by a survey of class action law firms conducted by Institutional Shareholder Services.

If you would like to discuss this action or if you have any questions concerning this notice or your rights as a potential class member or lead plaintiff, you may contact: Jeffrey S. Abraham or Arthur J. Chen of Abraham, Fruchter & Twersky, LLP at 212-279-5050, or via e-mail at jabraham@aftlaw.com or achen@aftlaw.com, respectively. If you wish to serve as lead plaintiff, you must move the Court no later than June 19, 2008. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

Contact Information: Contact: Jeffrey S. Abraham, Esq. Arthur J. Chen, Esq. Abraham, Fruchter & Twersky, LLP One Penn Plaza, Suite 2805 New York, New York 10119 Tel.: (212) 279-5050