Courtesy of You knew these were coming down the pike!
It was only a matter of time…
NEW YORK, NY, Oct 13 (MARKET WIRE) – Bernstein Liebhard LLP filed a class action lawsuit on October 13, 2009 in the United States District Court for the Southern District of New York, on behalf of all persons who purchased or otherwise acquired shares in the Ultra Financials Fund (the “UYG Fund”) (NYSE: UYG), an exchange-traded fund (”ETF”) offered by ProShares Trust (”ProShares”), pursuant or traceable to ProShares’ false and misleading Registration Statement, Prospectuses, and Statements of Additional Information
(collectively, the “Registration Statement”) issued in connection with shares of the UYG Fund (the “Class”). The Class is seeking to pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”).
Here are the items the law firm believes that ProShares failed to disclose:
(1) if UYG Fund shares were held for a time period longer than one day, the likelihood of catastrophic losses was huge; and
(2) the extent to which performance of the UYG Fund would inevitably diverge from the performance of the DJUSFI — i.e., the overwhelming probability, if not certainty, of spectacular divergence.
This will be interesting to say the least…
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