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To: RocketMan who wrote (32434)	10/30/2000 6:27:12 PM
From: RocketMan	Respond to of 436258

Looks like Heartland is getting sued by a pssed investor. Good luck... Here's a 3-month chart finance.yahoo.com Investor sues Heartland over high-yield muni fund repricing NEW YORK, Oct 30 (Reuters) - Heartland Advisors, which recently slashed the net asset values of two high-yield tax-exempt bond funds, is being sued by an investor seeking redress for his losses, according to a complaint filed in Wisconsin district court on Friday. The Milwaukee, Wis.-based fund company on Oct. 16 unexpectedly cut the net asset value (NAV) of its High-Yield Municipal Bond Fund <HRHYX.O> by 70 percent to $2.45 per share from $8.01 per share. It also lowered its High-Yield Short Duration Municipal Fund's <HRSDX.O> NAV to $4.87 per share, a 44 percent drop from $8.70. In a letter to investors dated Oct. 16, the equity and bond fund's president William Nasgovitz blamed "the general market environment" of high-yield securities for the massive repricing, adding that the firm decided to change the method by which it prices holdings. The lawsuit, filed by Samuel Rudman of Milberg, Weiss, Bershad, Hynes & Lerach of New York for an investor, Joseph White, discounts Nasgovitz's explanation, saying the company lied by not warning investors earlier of the growing losses. The complaint also noted press reports that said other funds have not marked down their NAVs like Heartland did.* (Just give'em some time -g-) Heartland did not immediately return calls seeking comment. The complaint alleged that defendants violated securities law "by issuing false and misleading registration statements and prospectuses." The suit also names the manager of the two portfolios, Thomas J. Conlin, for his role in the alleged subterfuge. Conlin left the firm on Sept. 28. Heartland manages more than $2 billion in assets for institutions, individual clients and investor accounts in the Heartland Funds. The plaintiffs hope to turn the suit into a class-action and are seeking monetary damages.