Notice to All Investors of State Street's SSgA Yield Plus Fund From the Securities Law Firm of Klayman & Toskes
July 15 2008 - 1:54PM
Marketwired
NEW YORK, NY SSgA Yield Plus Fund (NASDAQ: SSYPX). The class
action lawsuit was filed in the United States District Court for
the District of Massachusetts. State Street Global Advisors
("SSgA") is the investment advisor to an entire group of mutual
funds under the State Street name.
According to the Complaint, State Street solicited investors to
purchase shares of the SSgA Yield Plus Fund by representing that
the Fund was "primarily in a diversified portfolio" with
"high-quality debt securities" that include "high credit quality,"
"sophisticated credit analysis" and "team based decision making by
experienced investment professionals." However, it appears that
these statements may have been misleading because State Street did
not disclose all of the risks associated with investing in the
Fund, including the fact that the Fund was heavily invested in
risky mortgage-backed or mortgage-related securities.
By June 11, 2007, State Street began lowering the value of the
share price of the SSgA Yield Plus Fund. In the months to follow,
the value of the SSgA Yield Plus Fund had significantly declined.
As of December 12, 2007, the share price of the SSgA Yield Plus
Fund had been lowered to about $8.00. Further, as of May 31, 2008,
the SSgA Yield Plus Fund was valued at $6.60 per share.
The attorneys at the Law Firm of Klayman & Toskes are
dedicated to aggressively pursuing claims on behalf of investors
who have suffered losses in the SSgA Yield Plus, and as a result of
the credit crisis and subprime fallout as a whole. Klayman &
Toskes, an experienced, qualified and nationally recognized
securities litigation law firm, practices exclusively in the field
of securities arbitration and litigation. It continues its
representation of investors throughout the world in securities
arbitration and litigation matters against major Wall Street
brokerage firms.
No class has yet been certified in the class action discussed
above. Until a class is certified, you are not represented by
counsel unless you retain one. If you purchased shares of the SSgA
Yield Plus Fund you have certain rights. To be a member of the
class you need not take any action at this time, and you may retain
counsel of your choice. If you want to discuss your legal options
at no obligation, including whether the filing of an individual
arbitration claim is right for you, please contact Steven D.
Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman &
Toskes, P.A., at 888-997-9956, or visit us on the web at
http://www.nasd-law.com.
NYSE: STT
Nasdaq: SSYPX
Contacts: Steven D. Toskes, Esquire Jahan K. Manasseh, Esquire
Klayman & Toskes, P.A. 888-997-9956 http://www.nasd-law.com
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