Gilman and Pastor LLP Files Class Action Lawsuit on Behalf of Purchasers of Multiple ProShares Ultra and UltraShort Funds
September 23 2009 - 10:30AM
Marketwired
Gilman and Pastor LLP filed a class action lawsuit on September 21,
2009 in the United States District Court for the District of
Maryland, on behalf of Plaintiffs and all persons who purchased or
otherwise acquired shares in the following ProShares Funds:
UltraShort Real Estate Fund (AMEX: SRS)
UltraShort Financials (AMEX: SKF)
UltraShort Oil and Gas (AMEX: DUG)
Ultra Financials (AMEX: UYG)
UltraShort S&P 500 (AMEX: SDS)
UltraShort Emerging Markets (AMEX: EEV)
UltraShort FTSE/Xinhua (AMEX: FXP)
UltraShort DJ - AIG - Crude Oil (AMEX: SCO)
(collectively hereinafter referred to as the "ProShares
Funds")
The ProShares Funds are exchange-traded funds ("ETF") offered by
ProShares Trust ("ProShares") and Plaintiffs and class members were
damaged pursuant or traceable to ProShares' false and misleading
Registration Statement, Prospectuses, and Statements of Additional
Information (collectively, the "Registration Statement"). The
Plaintiffs seek a Class and Subclasses for each of the Funds
purchased by the Plaintiff. The Class is seeking recovery for
investors under Sections 11 and 15 of the Securities Act of 1933
(the "Securities Act").
If you bought shares in any of the ProShares Funds and would
like to consider serving as lead plaintiff or have any questions
about the lawsuit, please contact Kenneth G. Gilman, Esq. of Gilman
and Pastor, at (888) 252-0048, or via email at
kgilman@gilmanpastor.com. Lead Plaintiff motion papers must be
filed with the U.S. District Court for the District of Maryland by
the following deadlines:
October 5, 2009 ProShares SRS and SKF Funds
November 4, 2009 ProShares EEV Fund
November 24, 2009 ProShares DUG, UYG, SDS, FXP, SCO Funds
A Lead Plaintiff is a court-appointed representative for absent
class members. You do not need to seek appointment as Lead
Plaintiff to share in any class recovery in this action. If you are
a class member and there is a recovery for the class, you can share
in that recovery as an absent class member. You may retain counsel
of your choice to represent you in this action.
If you are a member of this class you can view a copy of the
complaint and join this class action online at
http://www.proshares-lawsuit.com.
The complaint names ProShares; ProShare Advisors LLC, SEI
Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg,
Russell S. Reynolds, III, Michael Wachs, and Simon D. Collier, as
defendants (collectively, "Defendants"). ProShares sold its SRS,
SKF, DUG, UYG, SDS, EEV, FXP, and SCO Funds as "simple" directional
plays. The Funds correspond to twice the inverse (-200%) daily
performance or twice the performance of a designated benchmark
Index.
The complaint alleges the Defendants violated the Securities Act
by failing to disclose that the Funds are altogether defective as a
securities product and as directional investment play. Defendants
failed to disclose the following risks in the Registration
Statement: (1) accurate correlation between the ProShares Funds and
the applicable benchmark Index could not happen and would
inevitably diverge from the performance of the applicable Index --
i.e., the probability, if not certainty, of spectacular tracking
error; (2) the adverse mathematical compounding and high market
volatility on the Funds' investment objective and performance; (3)
the ProShares Funds cause dislocations in the stock market; and (4)
the ProShares Funds were marketed as a seemingly straightforward
way to obtain desired results, but such results were not attainable
through the ProShares Funds.
Plaintiffs are represented by the law firm Gilman and Pastor
LLP. Gilman and Pastor LLP is one of the country's premier national
law firms that represent institutional and individual investors in
class action, complex securities and corporate governance
litigation. The firm has been a champion of investor rights for
over 30 years and has been recognized for its reputation for
excellence by the courts.
CONTACT: Kenneth G. Gilman, Esq. Attorney Gilman and Pastor, LLP
28100 Bonita Grande Drive Suite 105 Bonita Springs, FL 34135
kgilman@gilmanpastor.com (888) 252-0048 (239) 221-8274 Fax
www.gilmanpastor.com
ProShares UltraShort Ene... (AMEX:DUG)
Historical Stock Chart
From Jul 2024 to Aug 2024
ProShares UltraShort Ene... (AMEX:DUG)
Historical Stock Chart
From Aug 2023 to Aug 2024