It looks like the placement of the (-y) switch for special characters in the password output effects what is generated. For example:
$ pwgen -cnys 12
xc7CW1M13fJf Vd2o2tnz4R9m C2bDBkJCHFgf nhgaPotkqAW3 qZRcbrWaj0m2 feKVwV0mpTM0
$ pwgen -scny 12
JoK\@-2w$WZ@ n[ANPn[Dp5e" pZrF79SD~wu1 i!y\"+;!_H^5 ^0Aq*FIdX:Ae @2#OEkC4,0PG
Notice there are no special characters in the first try, even...
2009-06-03 13:57:13 UTC in PWGen