A class action has been filed against MFS Investment Management Inc. of Boston on behalf of investors who purchased Class A shares of certain MFS stock funds in the total amount of less than $50,000 from July 28, 2003 through July 28, 2008 and paid a load or commission.
The law firm of Barrack Rodos & Bacine of Philadelphia announced yesterday that it has filed the suit in the U.S. District Court for the Middle District of Pennsylvania.
The complaint alleges that MFS, MFS Financial Services Co. and MFS Funds Distributors Inc. disseminated prospectuses for a number of funds “that contain incorrect, incomplete and misleading information.”
The complaint stated that the defendants, “knowingly presented Class A shares as the best performing share class for the long-term.”
This caused the class members to purchase Class A shares when Class B and/or Class C shares “would have been their best investment choice for any holding period,” the law firm said in the statement.
“MFS Investment believes this lawsuit is baseless and completely without merit,” said MFS spokesman Daniel Flaherty. “We plan to defend ourselves vigorously against it.”
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