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The Primary Fund Securities Class Action

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Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.

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Written/Reviewed By:

Barry S. Kantrowitz, Esq.

Last Updated: Apr 11, 2013

Read Time: 2 mins

The Firm filed, on September 18, 2008, a class action suit in the U.S. District Court for the Southern District of New York on behalf of a proposed class of purchasers of shares of The Reserve Fund’s Primary Fund (Ticker: RFIXX) (the “Fund”) who purchased such shares during the period September 28, 2007 through September 16, 2008, inclusive (the “Class Period”)

The Complaint alleges that the Fund and the Fund’s underwriter, investment adviser, officers and trustees and the other related Defendants violated Sections ’11, 12(A)(2) and ’15 of the Securities Act of 1933 by making false and misleading statements and omissions concerning the lack of true diversification of the Fund’s assets, safety of principal, access to liquidity and exposure to at least face value debt of $785 million of the now defunct Lehman Brothers Holdings, Inc., that the Fund’s risk profile was not only “marginally higher” than cash, the high vulnerability of the money market fund to suddenly drop below $1 per share to $.95 per share, and the fact that the net asset value of the money market fund (“NAV”) was speculative and inflated. Thus, the Fund’s Registration Statement and Prospectus materials, for period September 28, 2007 through September 16, 2008, were materially false and misleading.

Plaintiff seeks to recover damages on his own behalf and on behalf of the Class and is represented by the law firm of Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C. The firm has significant experience successfully prosecuting complex securities fraud class actions on behalf of defrauded investors.

If you engaged in transactions of the Fund securities during the Class Period, you may, not later than November 18, 2008, which is sixty (60) days from the date of this notice, move the Court to serve as lead plaintiff, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to this matter, please contact: Gary S. Graifman, Esq., at Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C., toll-free at (866) 971-0927 or by filling out our online contact form or by writing to:
Kantrowitz, Goldhamer, Graifman, Perlmutter & Carballo, P.C.
747 Chestnut Ridge Road,
Chestnut Ridge, NY 10977.
CONTACT: Gary S. Graifman , Esq

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   Kenny Perlow 
 15 days ago
 
 
 Trustindex verifies that the original source of the review is Google. KGG Law, and Barry Kantrowitz in particular, set the bar high for what a thorough, practical, strategic, compassionate and smart lawyer can be. Everything about Barry's advice and representation was exemplary and the stress mitigation that resulted was invaluable. On top of that, the ultimate result Barry achieved was beyond what was reasonable to expect and we are forever grateful. Often, people say that you hire a lawyer to prevent a problem. Sometimes, unfortunately, you need an attorney to solve a problem and I could not recommend Barry and his firm any more highly in that regard.
  
 
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   Aliza Ali 
 79 days ago
 
 
 Trustindex verifies that the original source of the review is Google. My dad had a great experience with this law firm. From the very beginning, the team was professional, knowledgeable, and always willing to answer our questions. They kept us informed throughout the entire process and made what could have been a very stressful situation much easier to handle. We truly appreciated their dedication, honesty, and hard work. Thanks to their support, my dad felt confident every step of the way. We are very grateful for everything they did and would highly recommend this firm to anyone looking for reliable legal representation.
  
 
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   Jana Montero 
 82 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I had a wonderful experience working with Sam Smith. He was very responsive, thorough, and easy to work with from start to finish. He walked me through everything clearly and made what started as a very stressful situation for me into something completely manageable. I would not hesitate to recommend him and the firm!
  
 
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   Mike Sakmann 
 88 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I sought legal advice regarding an employment matter and had an excellent experience working with Sam Smith, Esq. at KGG Law. Sam was thorough, attentive, and took the time to listen carefully to my concerns before providing clear, thoughtful guidance. I appreciated the professionalism and care shown throughout the process, and I would confidently recommend KGG Law to anyone in need of legal assistance.
  
 
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   Liz Hecker 
 94 days ago
 
 
 Trustindex verifies that the original source of the review is Google. I can't say enough about this firm. They manage to comfort you during the whole legal process while staying professional and doing what is right. I would recommend them to anyone and also hire them again if I need legal help.
  
 
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   Brandy Miller 
 117 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate is the best. She helped me very quickly, and was very attentive with all of my needs. So thankful for her
  
 
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   Mike Greenspan 
 130 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kate Carballo is a dedicated, passionate, and creative attorney whom I had the pleasure to lecture with at a state trial lawyer's conference. Kate's lecture demonstrated how she uses her innovative and "out-of-the-box thinking" to achieve outstanding results for her injured clients. That Kate is certified by the Supreme Court of New Jersey as a civil trial attorney is a testament to her skills, experience and commitment to excellence.
  
 
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   Jonathan Sampson 
 137 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Was referred to KGG law by a friend and could not have asked for better legal representation. They walked me through every step of the process after my accident and began every call with “ how are you feeling” which was just one example of how much they care about their clients. They handled my case very efficiently, professionally and courteously. My attorney Kate Carballo was a rock star! So clearly experienced, she consistently made me feel at ease with the process. Highly recommend
  
 
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   Vinnie Kung 
 140 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We had a great experience with the team at KGG Law. While it was a traumatic time for our family, they made it very easy for us and explained all of our options. They even performed due diligence to make sure that after our settlement, there would be no further issues which I think is even more important than the settlement itself. Thank you!
  
 
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   Lynn Gill 
 141 days ago
 
 
 Trustindex verifies that the original source of the review is Google. The personnel at this business were second to none. Everyone was super responsive and amazing to work with. For any future legal needs, this will be my go-to, hands down.

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The Primary Fund Securities Class Action

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