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Dreyfus to Pay $950,000 to Settle Charges Related to Misleading Advertising
The SEC and the New York State Attorney General’s Office alleged that Dreyfus misrepresented how it Aggressive Growth Fund had achieved stellar returns during its first year of existence.
Dreyfus should have disclosed that the fund’s returns were largely caused by its small size and the presence of IPOs. As the fund grows in size, such IPO effects will have less impact on the fund’s overall performance.
Source: Associated Press, May 10, 2000
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