NEW YORK – October 8, 2003

Wolf Popper LLP has filed a class action securities lawsuit in the United States District Court for the Southern District of New York, Case No. 03-Civ-7955, charging improper trading practices at mutual fund companies including Alliance Capital Management Holding LP (NYSE:AC) ("Alliance Holding"), Bank One Corp. (NYSE:ONE), Janus Capital Group., Inc. (NYSE:JNS), Bank of America Corp. (NYSE:BAC), and Strong Financial Corp. The Complaint filed today is brought against Alliance Holding and its investment management and advisory affiliate, Alliance Capital Management L.P. ("Alliance Capital") (collectively, "Alliance"), on behalf of persons who acquired, redeemed or owned mutual fund shares of the AllianceBernstein Technology Fund, from January 1, 2002 through September 2, 2003 (the "Class Period"), pursuant to the prospectus therefor. The Complaint charges violations of Section 11 of the Securities Act of 1933 for false and misleading statements and omissions in the prospectuses, and common law breach of fiduciary duty.

The Complaint alleges that during the Class Period, the above-named mutual fund companies engaged in illegal and/or improper trading practices, in concert with certain institutional traders, which caused financial injury to the shareholders of the subject mutual funds, in return for substantial fees and other income for themselves and their affiliates. The Complaint alleges that the schemes at the above-named mutual fund companies took two primary forms. First is the "late trading" of mutual fund shares by select customers of the fund (including hedge funds). Specifically, the Complaint alleges that certain institutional investors in funds run by the above-named fund companies, including Canary Capital Partners, LLC and Canary Investment Management, LLC (collectively, "Canary"), improperly arranged with defendants that orders placed after 4 p.m. on a given day would illegally receive that day's price (as opposed to the next day’s price, which the order would have received had it been processed lawfully). This allowed Canary and other mutual fund investors who engaged in the same wrongful course of conduct to capitalize on post 4:00 p.m. information, while those who bought their mutual fund shares lawfully could not.

The Complaint further alleges that defendants engaged in wrongful conduct known as "timing." Timing is an investment technique involving short-term, "in and out" trading of mutual fund shares, designed to exploit inefficiencies in the way mutual fund companies price their shares. It is widely acknowledged that "timing" inures to the detriment of long-term shareholders. Nonetheless, in return for investments from certain hedge funds and other traders that would increase fund managers’ fees, fund managers entered into undisclosed agreements to allow them to "time" their funds. The Complaint alleges that individuals at Alliance allowed the AllianceBernstein Technology Fund to be timed by institutional traders, to the detriment of the Fund’s other shareholders.