SOURCE: Schiffrin Barroway Topaz & Kessler, LLP

April 18, 2008 17:00 ET

Shareholder Alert: Purchasers of the Schwab YieldPlus Fund Investor Shares and Schwab YieldPlus Fund Select Shares Have Until May 19, 2008 Deadline to Request Lead Plaintiff Position in Class Action Filed by the Law Firm of Schiffrin Barroway Topaz & Kessler, LLP

RADNOR, PA--(Marketwire - April 18, 2008) - The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:

Shareholders of the Schwab YieldPlus Investor Shares and Schwab YieldPlus Fund Select Shares have until May 19, 2008 to move for appointment as lead plaintiff in a securities class action lawsuit currently pending in the United States District Court for the District of Massachusetts on behalf of all purchasers of the Schwab YieldPlus Fund Investor Shares (NASDAQ: SWYPX) and the Schwab YieldPlus Fund Select Shares (NASDAQ: SWYSX) ("the Funds") during the period March 17, 2005 through March 17, 2008, inclusive (the "Class Period").

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@sbtklaw.com.

The Complaint charges The Charles Schwab Corporation and certain of its related subsidiaries, among others, with violations of the Securities Act of 1933. The Charles Schwab Corporation provides a variety of financial services to individual investors, independent investment managers, retirement plans and institutions.

More specifically, the Complaint alleges that, in connection with the Funds' Registration Statement, defendants failed to disclose or indicate the following: (1) that the Funds' assets were or would be overly-concentrated in the highly risky mortgage industry and that such securities were or would be highly vulnerable to illiquidity; (2) that there existed no primary market for the majority of the bonds; (3) that the duration for a majority of the Funds is over two years; (4) that the values of the Funds' shares were inflated and highly speculative given their composition; (5) that there were not adequate internal controls; and (6) that, as a result of the foregoing, the Funds' Registration Statements were false and misleading at all relevant times.

Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.

For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit www.sbtklaw.com

If you are a member of the class described above, you may, not later than May 19, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Contact Information

  • CONTACT:
    Schiffrin Barroway Topaz & Kessler, LLP
    Darren J. Check, Esq.
    Richard A. Maniskas, Esq.
    280 King of Prussia Road
    Radnor, PA 19087
    1-888-299-7706 (toll free)
    1-610-667-7706
    Or by e-mail at Email Contact