Boulder Growth & Income Fund, Inc. (the “Fund”), a closed-end investment company traded on the New York Stock Exchange (NYSE:BIF), announced today that a derivative lawsuit was filed on April 14, 2010, in the United States District Court for the District of Colorado against the Fund and its board of directors (the “Board’). The complaint alleges, among other things, that the Board breached its fiduciary duty when, after the Fund conducted a successful rights offering in June of 2008, it suspended the Fund’s level-rate distribution policy in early November 2008. The Fund and the Board believe the claims are without merit and they will defend the case vigorously.
In November 2008, when the Board considered in its decision to suspend the distribution policy, it analyzed a number of factors, not the least of which included the stock market decline and the then-recent unprecedented economic events. During 2008, the Fund ranked #1 in the Lipper Closed-End Equity Fund Performance Analysis for Core Funds for the 1-Year Ended December 31, 2008, and #1 in the same group for the 5-Years Ended December 31, 2008.
Stephen Miller, the Fund’s president, said, “The matter has been turned over to counsel and the Fund will continue to focus on our more important business of investing."
About the Fund
Boulder Growth & Income Fund, Inc. (the “Fund”), is a non-diversified, closed-end management company organized as a Maryland corporation and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. For more information about the Fund, please visit the following website:
This press release may contain forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.