Hagens Berman Sobol Shapiro Files Proposed Class-Action Lawsuit On Behalf of Investors in the Schwab YieldPlus Funds

18 Mar, 2008, 01:00 ET from Hagens Berman Sobol Shapiro LLP

    SEATTLE, March 18 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP
 ("Hagens Berman") (http://www.hbsslaw.com/schw) today announced it filed a
 proposed class-action lawsuit in the United States District Court for the
 Northern District of California on behalf of those who purchased Schwab
 YieldPlus Funds Investor Shares (Nasdaq:   SWYSX) or Schwab YieldPlus Funds
 Select Shares (Nasdaq:   SWYPX) from Charles Schwab Corporation ("Charles
 Schwab" or the "Company") (Nasdaq:   SCHW) from March 17, 2005 to March 18,
 2008 (the "Class Period").
 
     If you wish to serve as lead plaintiff, you must move the Court no
 later than May 16, 2008. If you wish to consider joining this action as
 lead plaintiff, discuss this action or have any questions concerning this
 notice or your rights or interests, please contact plaintiff's counsel,
 Reed Kathrein of Hagens Berman at 510/725-3000 or via e-mail
 info@hbsslaw.com. You can view a copy of the complaint as filed or join
 this class action online at http://www.hbsslaw.com/schw. 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. Although your ability to share in any recovery is not
 affected by the decision whether or not to seek appointment as a lead
 plaintiff, lead plaintiffs make important decisions which could affect the
 overall recovery for class members, including decisions concerning
 settlement. The securities laws require the Court to consider the class
 member(s) with the largest financial interest as presumptively the most
 adequate lead plaintiff(s).
 
     The complaint claims Charles Schwab Corporation headquartered in San
 Francisco, CA, the funds' underwriter, investment advisers and officers and
 directors issued untrue statements regarding the lack of diversification of
 these funds and the extent of investments assigned to sub-prime mortgage
 backed and related securities. The complaint alleges the funds registration
 statements and prospectuses contained untrue statements of material facts,
 and omitted important information regarding the funds' investments,
 ultimately misleading investors.
 
     On Nov. 15, 2004, the Company began offering the Schwab YieldPlus
 investment funds through a registration statement and prospectus. The
 YieldPlus funds are advertised by the defendants as 'a safe alternative to
 money market funds that preserve principal while being designed with your
 income needs in mind'. Throughout the Class Period the Company claimed the
 funds were investments in a large, well-diversified portfolio, a seasoned
 team of taxable bond portfolio managers actively managed the funds, and
 that investment in Schwab YieldPlus would return higher yields on cash with
 only marginally higher risk, a smart alternative. Since July of 2007, the
 share price for the funds began lowering, for a total loss of 18 percent.
 Today the funds stand at an all-time low of $7.96, down more than 11
 percent from Jan. 1, 2008.
 
     The lawsuit claims the funds are not well diversified, instead
 concentrated in a single risky industry with more than 50 percent of the
 funds assets invested in the mortgage industry. The lawsuit seeks remedies
 under the 1933 Act on behalf of all fund purchasers during the Class
 Period.
 
     Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San
 Francisco, Los Angeles, Boston, Chicago and Phoenix, is active in major
 litigations pending in federal and state courts throughout the United
 States and has taken a leading role in many important actions on behalf of
 defrauded investors, consumers, and companies, as well as victims of human
 rights violations. The Hagens Berman Web site (http://www.hbsslaw.com) has
 more information about the firm.
 
 
Contact: Hagens Berman Sobol Shapiro LLP Reed R. Kathrein 510/725-3000 info@hbsslaw.com www.hbsslaw.com

SOURCE Hagens Berman Sobol Shapiro LLP
    SEATTLE, March 18 /PRNewswire/ -- Hagens Berman Sobol Shapiro LLP
 ("Hagens Berman") (http://www.hbsslaw.com/schw) today announced it filed a
 proposed class-action lawsuit in the United States District Court for the
 Northern District of California on behalf of those who purchased Schwab
 YieldPlus Funds Investor Shares (Nasdaq:   SWYSX) or Schwab YieldPlus Funds
 Select Shares (Nasdaq:   SWYPX) from Charles Schwab Corporation ("Charles
 Schwab" or the "Company") (Nasdaq:   SCHW) from March 17, 2005 to March 18,
 2008 (the "Class Period").
 
     If you wish to serve as lead plaintiff, you must move the Court no
 later than May 16, 2008. If you wish to consider joining this action as
 lead plaintiff, discuss this action or have any questions concerning this
 notice or your rights or interests, please contact plaintiff's counsel,
 Reed Kathrein of Hagens Berman at 510/725-3000 or via e-mail
 info@hbsslaw.com. You can view a copy of the complaint as filed or join
 this class action online at http://www.hbsslaw.com/schw. 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. Although your ability to share in any recovery is not
 affected by the decision whether or not to seek appointment as a lead
 plaintiff, lead plaintiffs make important decisions which could affect the
 overall recovery for class members, including decisions concerning
 settlement. The securities laws require the Court to consider the class
 member(s) with the largest financial interest as presumptively the most
 adequate lead plaintiff(s).
 
     The complaint claims Charles Schwab Corporation headquartered in San
 Francisco, CA, the funds' underwriter, investment advisers and officers and
 directors issued untrue statements regarding the lack of diversification of
 these funds and the extent of investments assigned to sub-prime mortgage
 backed and related securities. The complaint alleges the funds registration
 statements and prospectuses contained untrue statements of material facts,
 and omitted important information regarding the funds' investments,
 ultimately misleading investors.
 
     On Nov. 15, 2004, the Company began offering the Schwab YieldPlus
 investment funds through a registration statement and prospectus. The
 YieldPlus funds are advertised by the defendants as 'a safe alternative to
 money market funds that preserve principal while being designed with your
 income needs in mind'. Throughout the Class Period the Company claimed the
 funds were investments in a large, well-diversified portfolio, a seasoned
 team of taxable bond portfolio managers actively managed the funds, and
 that investment in Schwab YieldPlus would return higher yields on cash with
 only marginally higher risk, a smart alternative. Since July of 2007, the
 share price for the funds began lowering, for a total loss of 18 percent.
 Today the funds stand at an all-time low of $7.96, down more than 11
 percent from Jan. 1, 2008.
 
     The lawsuit claims the funds are not well diversified, instead
 concentrated in a single risky industry with more than 50 percent of the
 funds assets invested in the mortgage industry. The lawsuit seeks remedies
 under the 1933 Act on behalf of all fund purchasers during the Class
 Period.
 
     Hagens Berman Sobol Shapiro, a law firm with offices in Seattle, San
 Francisco, Los Angeles, Boston, Chicago and Phoenix, is active in major
 litigations pending in federal and state courts throughout the United
 States and has taken a leading role in many important actions on behalf of
 defrauded investors, consumers, and companies, as well as victims of human
 rights violations. The Hagens Berman Web site (http://www.hbsslaw.com) has
 more information about the firm.
 
 
Contact: Hagens Berman Sobol Shapiro LLP Reed R. Kathrein 510/725-3000 info@hbsslaw.com www.hbsslaw.com SOURCE Hagens Berman Sobol Shapiro LLP