TFCVX and TFCIX INVESTORS ALERT: Lieff Cabraser Announces Securities Class Action Against Third Avenue Management LLC
February 12 2016 - 5:57PM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
announces that class action litigation has been brought on behalf
of investors who purchased or otherwise acquired the Investor class
shares (TFCVX) or the Institutional class shares (TFCIX) of Third
Avenue Focused Credit Fund (“Third Avenue” or the “Fund”) between
March 1, 2013 and December 10, 2015, inclusive (the “Class Period”)
pursuant or traceable to one of Third Avenue’s registration
statements or prospectuses.
If you purchased or acquired the Investor or Institutional class
shares of Third Avenue during the Class Period pursuant or
traceable to one of the Third Avenue’s registration statements or
prospectuses, you may move the Court for appointment as lead
plaintiff by no later than March 29, 2016. A lead plaintiff is a
representative party who acts on behalf of other class members in
directing the litigation. Your share of any recovery in the action
will not be affected by your decision of whether to seek
appointment as lead plaintiff. You may retain Lieff Cabraser, or
other attorneys, as your counsel in the action.
Third Avenue investors who wish to learn more about the
litigation and how to seek appointment as lead plaintiff should
click here or contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
Background on the Third Avenue Securities Class
Litigation
Third Avenue is an investment series of the open-end management
investment company, defendant Third Avenue Trust.
The action charges Third Avenue, its investment advisor, Third
Avenue Management LLC, underwriter, trustees, officers, and other
defendants with violations of the Securities Act of 1933 for
registering, offering, and selling shares of Third Avenue pursuant
to false and misleading registration statements and
prospectuses.
The complaint alleges that the Fund’s prospectuses and
registration statements contained material false or misleading
statements regarding the Fund’s liquidity to meet shareholder
redemption requests.
According to the lawsuit, Third Avenue promised investors that
it would place no more than 15% of its assets in illiquid
securities, those which could not be sold promptly at or near their
carrying value. However, an analysis of the Fund’s holdings in
2013, 2014, and 2015 has revealed that the Fund consistently held
more than 15% of its net assets in illiquid securities. The Fund’s
excessive illiquidity meant that it could not promptly sell certain
assets to meet increasing amounts of redemption requests without
selling the assets at drastically lowered prices. Third Avenue’s
excessive illiquidity led it to suspend redemptions and shut down
the Fund on December 10, 2015. That day, TFCVX closed at $6.48 per
share and TFCIX closed at $6.46 per share, more than 45% below
their highest prices during the Class Period.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San
Francisco, New York, Nashville, and Seattle, is a nationally
recognized law firm committed to advancing the rights of investors
and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of
the nation’s top plaintiffs’ law firms for thirteen years. In
compiling the list, the National Law Journal examines recent
verdicts and settlements and looked for firms “representing the
best qualities of the plaintiffs’ bar and that demonstrated unusual
dedication and creativity.” Best Lawyers and U.S. News have named
Lieff Cabraser as a “Law Firm of the Year” for each year the
publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160212005912/en/
Source/Contact for Media Inquiries OnlyLieff Cabraser
Heimann & Bernstein, LLPSharon M. Lee, 1-800-541-7358
Third Avenue Focused Credit Fund - Institutional Cl (MM) (NASDAQ:TFCIX)
Historical Stock Chart
From Sep 2024 to Oct 2024
Third Avenue Focused Credit Fund - Institutional Cl (MM) (NASDAQ:TFCIX)
Historical Stock Chart
From Oct 2023 to Oct 2024