• Consolidated Amended Fund Derivative Complaint Exhibit A
• Consolidated Amended Fund Derivative Complaint Exhibit B
• Consolidated Amended Fund Derivative Complaint

Chimicles & Tikellis LLP announces that a derivative lawsuit has been filed on behalf of the Pilgrim family of funds (the “Funds”), operated by Old Mutual plc (LSE: OML), Old Mutual Asset Management and its member firm Pilgrim Baxter & Associates, Ltd. (“Pilgrim Baxter”), and subsidiaries, seeking to pursue remedies under common law and the Investment Advisers Act of 1940.

The Complaint alleges that defendants violated common law and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that certain of the defendants improperly allowed certain favored investors to engage in “timing” of the Funds’ securities. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing and that premature redemptions will be assessed a charge.

The derivative complaint seeks damages for harm caused to the various mutual fund families, disgorgement of excessive management fees and profits, removal of fund directors, rescission of fund management contracts, and the payment of attorneys’ fees and expenses, as well as therapeutic or structural changes in the funds’ policies and review procedures, aimed at decreasing the risk of similar wrongdoing occurring in the future. It is our belief that a derivative action will maximize recovery to investors because the illegally gained profits will be returned to the Fund and inure to the benefit of the investors.

Please contact us if you are an investor in one of the following mutual fund families and would like to learn more about the cases and possibly become a named plaintiff in a derivate lawsuit filed on behalf of the mutual fund:

Timothy N. Mathews, Esquire (timothymathews@chimicles.com)
Chimicles & Tikellis LLP
361 West Lancaster Avenue
Haverford, PA 19041
Toll Free: 866-399-2487

The Funds, and the symbols for the respective Funds named below, are as follows:

PBHG Growth Fund (Nasdaq: PBHGX)
PBHG Emerging Growth Fund (Nasdaq: PBEGX)
PBHG Large Cap Growth Fund (Nasdaq: PBHLX)
PBHG Select Growth Fund (Nasdaq: PBHEX) formally known as PBHG Select Equity Fund (Nasdaq: PBHEX)
PBHG Focused Fund (Nasdaq: PBFVX) formally known as PBHG Focused Value Fund (Nasdaq: PBFVX)
PBHG Large Cap Fund (Nasdaq: PLCVX) formally known as PBHG Large Cap Value Fund (Nasdaq: PLCVX)
PBHG Large Cap 20 Fund (Nasdaq: PLCPX)
PBHG Strategic Small Company Fund (Nasdaq: PSSCX)
PBHG Disciplined Equity Fund (Nasdaq: PBDEX)
PBHG Mid-Cap Fund (Nasdaq: PBMCX) formally k/a PBHG Mid-Cap Value Fund (Nasdaq: PBMCX)
PBHG Small Cap Fund (Nasdaq: PBSVX) formally k/a PBHG Small Cap Value Fund (Nasdaq: PBSVX)
PBHG Clipper Focus Fund (Nasdaq: PBFOX)
PBHG Small Cap Value Fund (Nasdaq: PSMVX) formally k/a TS&W Small Cap Value Fund, LLC (Nasdaq: PSMVX)
PBHG REIT Fund (Nasdaq: PBRTX)
PBHG Technology & Communications Fund (Nasdaq: PBTCX)
PBHG IRA Capital Preservation Fund (Nasdaq: PBCPX)
PBHG Intermediate Fixed Income Fund (Nasdaq: PBFIX)
PBHG Cash Reserves Fund (Nasdaq: PBCXX)

To learn more about the individual cases, click on the following links:

   Friday, July 04th, 2008