Lieff Cabraser Heimann & Bernstein, LLP Announces Class Action Lawsuits Have Been Filed on Behalf of Purchasers of Certain Regions Morgan Keegan Funds

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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action lawsuits have been brought on behalf of purchasers of shares of certain Regions Morgan Keegan funds (the "Funds") pursuant or traceable to the Funds' Registration Statements between December 6, 2004 and February 6, 2008.

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15% to 19% . . . overall exposure to sub-prime loans.

    The Funds and their respective symbols are as follows:

-- RMK Advantage Income Fund (NYSE:RMA);

-- RMK Strategic Income Fund (NYSE:RSF); and

-- RMK High Income Fund (NYSE:RMH).

If you purchased shares of the Funds pursuant and/or traceable to the Funds' Registration Statements between December 6, 2004 and February 6, 2008, and were damaged thereby, you may move the Court for appointment as lead plaintiff by no later than April 7, 2008. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in this action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in this action.

Shareholders of the Funds who wish to learn more about this action and how to seek appointment as lead plaintiff should visit Lieff Cabraser's website or contact Meagan Sullivan toll free at (800) 541-7358.

Background on the Regions Morgan Keegan Funds Litigation

The actions, pending in the United States District Court for the Western District of Tennessee, were brought against Regions Financial Corporation (NYSE:RF); Morgan Keegan & Company, Inc., the Funds' administrator; Morgan Asset Management, Inc., the Funds' adviser; certain officers and/or directors of Morgan Keegan and/or the Funds; PriceWaterhouseCoopers LLP, the Funds' outside auditor; among other defendants, for violations of the Securities Act of 1933 (the "Securities Act").

The complaints allege that defendants misrepresented and omitted material information in the Funds' Registration Statements concerning the nature and extent of the Funds' investments in mortgage-related securities and the Funds' resulting exposure to the subprime mortgage market. In addition, defendants allegedly misrepresented and failed to disclose that the Funds' investments in a single industry exceeded the amount permissible under the Funds' investment policies. Moreover, the complaints allege that defendants failed to disclose the extent to which the Funds' securities portfolio were illiquid and therefore subject to fair value procedures. Defendants allegedly failed to properly value the securities portfolio and therefore caused the Funds' published per share Net Asset Values to be materially misstated.

In July 2007, the Funds' portfolio manager, James Kelsoe, disclosed that the Funds had been adversely impacted by problems in the subprime mortgage and credit markets and that the Funds had "15% to 19% . . . overall exposure to sub-prime loans." In August 2007, the Funds disclosed that the deteriorating conditions in the subprime and housing markets had adversely impacted the liquidity of their securities portfolio and that the securities had been difficult to value. On November 7, 2007, Kelsoe acknowledged in a letter to shareholders that many of the Funds' investments were in "structured finance" collateralized by mortgage-related securities and that the value of the investments had been adversely impacted by the subprime mortgage crisis. Moreover, on December 5, 2007, it was disclosed that more than 50 percent of the securities held by each of the Funds were fair valued as of September 30, 2007.

In reaction to these disclosures, the price of the Funds' shares, initially offered at $15.00 per share, declined significantly. For example, on February 6, 2008, RMK Advantage Income Fund closed at $4.10 per share, representing a 74 percent decline from its closing price per share of $15.82 on December 6, 2004. In addition, RMK Strategic Income Fund declined 76 percent from its closing price of $16.60 per share on December 6, 2004 to close at $3.90 per share on February 6, 2008. Similarly, RMK High Income Fund fell 76.9 percent from its closing price of $18.20 per share on December 6, 2004 to close at $4.20 per share on February 6, 2008.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. In the 2007 edition of its annual list of the plaintiffs' law firms "doing the most to shape the law," The National Law Journal selected Lieff Cabraser as one of the nation's top plaintiffs' firms. Lieff Cabraser was also a member of The National Law Journal's Plaintiffs' "Hot List" from 2003 through 2006. The firm is one of only two plaintiffs' law firms in the nation to receive this award the last five years.

For more information about Lieff Cabraser and the firm's representation of investors, please visit

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