SOURCE: Brower Piven, A Professional Corporation

July 15, 2008 17:48 ET

Brower Piven Announces Class Action Lawsuit on Behalf of Purchasers of the SSgA Yield Plus Fund

BALTIMORE, MD--(Marketwire - July 15, 2008) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of Massachusetts on behalf of purchasers of the SSgA Yield Plus Fund (NASDAQ: SSYPX) who purchased shares of the Fund within the three years that preceded the filing of the lawsuit ("the Class Period").

The complaint charges State Street Corporation and certain related entities, among others, with violations of the Securities Act of 1933. State Street Global Advisors is the investment advisor to the entire group of mutual funds under the State Street name. The Complaint alleges, among other things, that the Registration Statement, its amendments, and general solicitation materials for the sale of shares of the Yield Plus Fund were inaccurate and misleading, contained untrue statements of material facts, omitted to state other facts necessary to make statements made not misleading, and otherwise omitted to state material facts required to be stated therein.

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 2, 2008 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer questions you may have regarding the lead plaintiff process.

If you purchased shares of the Fund and have suffered a net loss for all transactions during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven (without obligation or cost to you) at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience in securities and class action litigation of over 40 years. If you choose to retain counsel, you may retain Brower Piven, or you may retain other counsel of your choice. You need not take any action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact