Illinois State Universities Retirement System, Champaign; Detroit Policemen and Firemen Retirement System; and Louisiana Teachers Retirement System, Baton Rouge, filed requests to become lead plaintiff in a class-action securities litigation proceeding against Peregrine Systems Inc., alleging accounting fraud, according to attorneys representing the funds. The filings were made in U.S. District Court in San Diego, where Peregrine is based.
The $10.2 billion Illinois fund filed its request separately, totaling its loss at $1.8 million, said Dan M. Slack, general counsel. The filing is the first time the fund has sought lead plaintiff status. The fund had about $3 million invested in Peregrine stock, mainly through a Wilshire 5000 index fund, managed by Northern Trust Global Investments. Milberg Weiss Bershad Hynes & Lerach is representing the Illinois fund.
The $3.7 billion Detroit fund and the $10.6 billion Louisiana fund filed a joint request to become lead plaintiff. Douglas McKeige, a managing partner with the funds law firm, Bernstein Litowitz Berger & Grossmann, said the two systems lost about $18 million total.
The two attorneys said the court could make a decision on lead plaintiff in October.