ProShares Ultrashort Russell2000 Growth Fund Class Action Filed By Murray, Frank & Sailer LLP
February 13 2010 - 4:55PM
Business Wire
Murray, Frank & Sailer LLP has filed a class action
complaint in the United States District Court for the Southern
District of New York on behalf of all individuals and institutions
who purchased shares in the ProShares Ultrashort Russell2000 Growth
Fund (the “SKK Fund”) (NYSE: SKK) offered by ProShares Trust
(“ProShares”), pursuant or traceable to ProShares’s false and
misleading Registration Statement, Prospectuses, and Statements of
Additional Information (collectively, the “Registration Statement”)
issued in connection with shares of the SKK Fund (the “Class”). The
Class is seeking to pursue remedies under Sections 11 and 15 of the
Securities Act of 1933 (the “Securities Act”).
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”). The SKK Fund is one of
ProShares’s UltraShort ETFs, which ProShares claims are designed to
go up when markets go down. Specifically, the SKK Fund seeks
investment results that correspond to twice the inverse of the
daily performance of the Russell MidCap Value Index (the “Index”).
However, although the Index gained approximately 27 percent from
January 2, 2009, through February 2, 2010, the SKK Fund fell
approximately 66 percent during this period, generating much
greater losses than ProShares claimed.
The complaint alleges that Defendants violated the Securities
Act by failing to disclose that if SKK Fund shares are held for a
time period longer than one day, the performance of those shares
does not track the performance of the Index. In addition, the
complaint alleges that if SKK Fund shares are held for a time
period longer than one day, there is a significant likelihood of
catastrophic losses.
Murray, Frank & Sailer LLP is also investigating claims on
behalf of investors in all other ProShares leveraged funds (the
“Funds”), including:
Fund Ticker UltraShort Russell3000
NYSE: TWQ UltraShort SmallCap600 NYSE: SDD UltraPro Short
S&P500 NYSE: SPXU UltraShort Russell1000 Value NYSE: SJF
UltraShort Russell1000 Growth NYSE: SFK UltraShort Russell MidCap
Growth NYSE: SDK UltraShort Russell2000 Value NYSE: SJH UltraShort
Consumer Goods NYSE: SZK UltraShort Health Care NYSE: RXD
UltraShort Industrials NYSE: SIJ UltraShort Semiconductors NYSE:
SSG UltraShort Technology NYSE: REW UltraShort Telecommunications
NYSE: TLL UltraShort Utilities NYSE: SDP UltraShort MSCI EAFE NYSE:
EFU UltraShort MSCI Europe NYSE: EPV UltraShort MSCI Pacific
ex-Japan NYSE: JPX UltraShort MSCI Brazil NYSE: BZQ UltraShort
FTSE/Xinhua China 25 NYSE: FXP UltraShort MSCI Japan NYSE: EWV
UltraShort MSCI Mexico Investable Market NYSE: SMK UltraShort 7-10
Year Treasury NYSE: PST UltraShort 20+ Year Treasury NYSE: TBT
UltraShort DJ-UBS Commodity NYSE: CMD UltraShort Gold NYSE: GLL
UltraShort Silver NYSE: ZSL UltraShort Euro NYSE: EUO UltraShort
Yen NYSE: YCS Ultra QQQ NYSE: QLD Ultra Dow30 NYSE: DDM Ultra
S&P500 NYSE: SSO Ultra Russell3000 NYSE: UWC Ultra MidCap400
NYSE: MVV Ultra SmallCap600 NYSE: SAA UltraPro S&P500 NYSE:
UPRO Ultra Russell1000 Value NYSE: UVG Ultra Russell1000 Growth
NYSE: UKF Ultra Russell MidCap Value NYSE: UVU Ultra Russell MidCap
Growth NYSE: UKW Ultra Russell2000 Value NYSE: UVT Ultra
Russell2000 Growth NYSE: UKK Ultra Basic Materials NYSE: UYM Ultra
Consumer Goods NYSE: UGE Ultra Consumer Services NYSE: UCC Ultra
Health Care NYSE: RXL Ultra Industrials NYSE: UXI Ultra
Semiconductors NYSE: USD Ultra Technology NYSE: ROM Ultra
Telecommunications NYSE: LTL Ultra Utilities NYSE: UPW Ultra DJ-UBS
Commodity NYSE: UCD Ultra DJ-UBS Crude Oil NYSE: UCO Ultra Gold
NYSE: UGL Ultra Silver NYSE: AGQ Ultra Euro NYSE: ULE Ultra Yen
NYSE: YCL Ultra MSCI EAFE NYSE: EFO Ultra MSCI Emerging Markets
NYSE: EET Ultra FTSE/Xinhua China 25 NYSE: XPP Ultra MSCI Japan
NYSE: EZJ
If you are a member of the class described above, you may move
the Court, not later than April 14, 2010, to serve as Lead
Plaintiff for the Class. A Lead Plaintiff is a representative
chosen by the Court who acts on behalf of other class members in
directing the litigation. You do not need to be a Lead Plaintiff to
be included in the class. If you purchased SKK Fund shares, or any
of the Fund shares listed above, and wish to discuss this
litigation, or have any questions concerning this Notice or your
rights or interests with respect to these matters, please contact
us.
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