Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
July 24 2020 - 5:16PM
Edgar (US Regulatory)
Filed pursuant to
Rule 424(b)(3)
File No. 333-237290
UNITED STATES OIL FUND, LP
________________________________________
Supplement dated July 24, 2020
to
Prospectus dated June 12, 2020
________________________________________
This supplement contains information that amends, supplements or
modifies certain information contained in the prospectus of United States Oil Fund, LP (“USO”) dated June 12, 2020
(the “Prospectus”).
You should carefully read the Prospectus and this supplement before
investing. This supplement should be read in conjunction with the Prospectus. You should also carefully consider the “Risk
Factors” beginning on page 11 of the Prospectus before you decide to invest.
The subsection of the Prospectus titled “Litigation
and Claims” under the section of the Prospectus titled “Legal Matters” appearing on page 59 of the Prospectus
is deleted in its entirety and replaced with the following:
Litigation and Claims
On
June 19, 2020, USO was named as a defendant in a purported stockholder class action initiated by Robert Lucas, individually and
on behalf of others similarly situated, against defendants USO, USCF, John P. Love and Stuart P. Crumbaugh (the “Lucas Class
Action”). The Lucas Class Action is pending in the U.S. District of Southern District of New York as Civil Action No. 1:20-cv-04740.
The
Lucas Class Action alleges that, beginning in March 2020, in connection with USO’s registration and issuance of additional
USO shares, defendants failed to disclose to investors certain extraordinary market conditions and the attendant risks that caused
the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. Plaintiff
alleges that defendants possessed inside knowledge about the consequences of these converging adverse events on USO and did not
sufficiently acknowledge them until late April and May 2020, after USO suffered losses and was allegedly forced to abandon its
investment strategy. The complaint seeks to certify a class and award the class compensatory damages at an amount to be determined
at trial.
The
defendants believe the claims in the Lucas Class Action are without merit and intend to vigorously contest such claims and move
for their dismissal.
On
July 10, 2020, USO was named as a defendant in a putative stockholder class action initiated by Momo Wang, individually and on
behalf of others similarly situated, against defendants USO, USCF, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew
F. Ngim, Robert L. Nguyen, Peter M. Robinson, Gordon L. Ellis, Malcolm R. Fobes III, ABN Amro, BNP Paribas Securities Corp., Citadel
Securities LLC, Citigroup Global Market Inc., Credit Suisse Securities USA LLC, Deutsche Bank Securities Inc., Goldman Sachs &
Company, JP Morgan Securities Inc., Merrill Lynch Professional Clearing Corp., Morgan Stanley & Company Inc., Nomura Securities
International Inc., RBC Capital Markets LLC, SG Americas Securities LLC, UBS Securities LLC, and Virtu Financial BD LLC (the “Wang
Class Action”). The Wang Class Action is pending in the U.S. District of Northern District of California as Case No. 3:20-cv-4596.
The
Wang Class Action alleges that, beginning in March 2020, in connection with USO’s registration and issuance of additional
USO shares, defendants failed to disclose to investors certain extraordinary market conditions and the attendant risks that caused
the demand for oil to fall precipitously, including the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. The
plaintiff alleges that defendants possessed inside knowledge about the consequences of these converging adverse events on USO and
did not sufficiently acknowledge them until late April and May 2020, after USO suffered losses and was allegedly forced to abandon
its investment strategy. The complaint seeks to certify a class and award the class compensatory damages at an amount to be determined
at trial.
The
defendants believe that the claims in the Wang Class Action are completely without merit and intend to vigorously contest such
claims and move for their dismissal.
USO may have additional actions filed against it based on similar
allegations as those that were made in the Lucas Class Action and Wang Class Action.
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