Siemion Huckabay

Accredited Investors Located In Michigan Pursue Shareholders' Rights Claims Against Janus Capital Management, Et Al., For Improper Trading Techniques

DETROIT, September 22, 2003
A shareholders' rights action has been filed by the law firm of Siemion Huckabay, et al. P.C. on behalf of an accredited investor and all persons or entities who purchased or otherwise acquired securities of the Janus Fund family of fund (the "Funds") owned or operated by Janus Capital Group, Inc. and its subsidiaries and affiliates, between October 1, 1998 and July 3, 2003, inclusive (the "Class Period"). The Complaint, which was filed in the United States District Court for the District of New Jersey, case number 03-CV-4221 (JAG).

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

Janus Fund (JANSX)
Janus Enterprise Fund (JAENX)
Janus Mercury Fund (JAMRX)
Janus Olympus Fund (JAOLX)
Janus Global Technology Fund (JAGTX)
Janus Orion Fund (JORNX)
Janus Twenty Fund (JAVLX)
Janus Venture Fund (JAVTX)
Janus Global Life Sciences Fund (JAGLX)
Janus Global Value Fund (JGVAX)
Janus Overseas Fund (JAOSX)
Janus Worldwide Fund (JAWWX)
Janus Balanced Fund (JABAX)
Janus Core Equity Fund (JAEIX)
Janus Growth and Income Fund (JAGIX)
Janus Special Equity Fund (JSVAX)
Janus Risk-Managed Stock Fund (JRMSX)
Janus Mid Cap Value Fund (JMCVX, JMIVX)
Janus Small CapValue Fund (JSCVX, JSIVX)

Janus Federal Tax-Exempt Fund (JATEX)

Janus Flexible Income Fund (JAFIX)
Janus High-Yield Fund (JAHYX)
Janus Short-Term Bond Fund (JASBX)

Janus Money Market Fund (JAMXX)
Janus Government Money Market Fund (JAGXX)
Janus Tax-Exempt Money Market Fund (JATXX)

The Complaint alleges that defendants violated Sections 11 and 15 of the Securities Act of 1933; Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder; and Section 206 of the Investment Advisers Act of 1940. The Complaint charges that, throughout the Class Period, defendants failed to disclose that they improperly allowed certain hedge funds, such as Canary Capital, LLC, to engage in the "timing" of their transactions in the Funds' securities. Timing is excessive, arbitrage trading undertaken to turn a quick profit. Timing injures ordinary mutual fund investors -- who are not allowed to engage in such practices -- and is acknowledged as an improper practice by the Funds. In return for receiving extra fees from Canary and other favored investors, Janus Capital Group Inc. and its subsidiaries allowed and facilitated Canary's timing activities, to the detriment of class members, who paid, dollar for dollar, for Canary's improper profits. These practices were undisclosed in the prospectuses of the Funds, which falsely represented that the Funds actively police against timing.

If you bought the securities of any of the Funds between October 1, 1998 and July 3, 2003 and sustained damages, you may, no later than November 4, 2003, request that the Court appoint you as lead plaintiff. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Traditionally, the court will appoint a shareholder(s) with a substantial investment in the covered securities, including accredited and institutional investors, as lead plaintiff if they have retained counsel and actively join the shareholders' rights action by the established deadline. You may retain Siemion Huckabay, or other counsel of your choice, to serve as your counsel in this action.

Interestingly, since news of the Office of the New York Attorney General taking action against Janus Capital Group, Inc., several other mutual funds have been subject of litigation, including Bank One's Group One Funds, Bank of America's Nations Funds, and Strong Funds. What is telling about this situation is that within days of this news becoming the spot light of CNBC news for an evening all the above listed mutual fund companies sent letters to their shareholders apologizing for their employees' behavior and are willing to reimburse investors for their losses caused by the improper trading techniques.

Established in 1981, Siemion Huckabay, et al., P.C. is a civil litigation law firm, based in metropolitan Detroit. If you wish to discuss the action, please contact plaintiff's counsel, Andrew J. Morganti by e-mail at amorganti@siemion-huckabay.com.