2008-09-12 23:42:34 - A shareholder of FHO Fund shares has filed a lawsuit on behalf of all persons or entities who purchased or otherwise acquired the shares of certain mutual funds offered by First Trust Portfolios L.P., including shares NYSE:FHI, NYSE:FHY, NYSE:FHO between July 26, 2005 and July 7, 2008, inclusive and on behalf of all persons or entities who purchased or otherwise acquired shares of the Funds issued in connection with the Funds' initial public offerings against First Trust Strategic High Income Funds, First Trust Advisors L.P , and others over alleged materially false and misleading statements regarding the Funds' Portfolios And Financial Results.

On Friday, September 12, 2008, a shareholder of FHO Fund shares has filed a proposed class action lawsuit in the United States District Court for the Northern District of Illinois on behalf of all persons or entities who purchased or otherwise acquired the shares of certain mutual funds offered by First Trust Portfolios L.P., including shares of the First Trust

Strategic High Income Fund (the 'FHI Fund'), First Trust Strategic High Income Fund II (the 'FHY Fund') and First Trust Strategic High Income Fund III (the 'FHO Fund') (collectively referred to as the 'Funds') (NYSE:FHI, NYSE:FHY, NYSE:FHO), between July 26, 2005 and July 7, 2008, inclusive (the 'Class Period'), and on behalf of all persons or entities who purchased or otherwise acquired shares of the Funds issued in connection with the Funds' initial public offerings against First Trust Strategic High Income Funds (NYSE: FHI, FHY, FHO), First Trust Advisors L.P , and others over alleged materially false and misleading statements regarding the Funds' Portfolios And Financial Results.
If you purchased or otherwise acquired the shares of certain mutual funds offered by First Trust Portfolios L.P., including shares of the First Trust Strategic High Income Fund (the 'FHI Fund'), First Trust Strategic High Income Fund II (the 'FHY Fund') and First Trust Strategic High Income Fund III (the 'FHO Fund') (collectively referred to as the 'Funds') (NYSE:FHI, NYSE:FHY, NYSE:FHO), between July 26th, 2005 and July 7th, 2008, inclusive, and on behalf of all persons or entities who purchased or otherwise acquired shares of the Funds issued in connection with the Funds' initial public offeringsyou have certain rights and there are strict and short deadlines running (November 11th, 2008). You should immediately contact the Shareholders Foundation, Inc.! Email: Mail(at)ShareholdersFoundation.com or call us today: +1-(858)-779-1554. According to the complaint the plaintiff charges the Funds and the Funds' registrants, the Funds' adviser, First Trust Advisors L.P., the Funds' sub-advisers, and certain of the Funds' officers and/or directors with violations of the Securities Exchange Act of 1934 and the Securities Act of 1933. Specifically the complaint alleges that between July 26th, 2005 and July 7th, 2008 defendants issued materially false and misleading statements regarding the Funds' portfolios and financial results and as a result of defendants' false statements, the Funds' shares traded at artificially inflated prices between July 26th, 2005 and July 7th, 2008. Then in beginning in August 2007 and continuing through July 2008, the Funds began to acknowledge the serious deterioration in the Funds' portfolios and as a result of these disclosures, the price of the Funds' shares collapsed, so the lawsuit. According to the complaint the true facts which were omitted from the Registration Statements/Prospectuses or were known by the defendants but concealed from the investing public between July 26th, 2005 and July 7th, 2008. Plaintiff seeks to recover damages on behalf of all purchasers of shares of the Funds between July 26, 2005 and July 7, 2008 including shares issued in the Funds' IPOs.