ProShares Ultrashort Russell2000 Growth Fund Class Action Filed By Murray, Frank & Sailer LLP

Sat Feb 13, 2010 4:55pm EST

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http://www.businesswire.com/news/home/20100213005054/en

NEW YORK--(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.

Murray, Frank & Sailer LLP
Brian D. Brooks, 212-682-1818 / 800-497-8076
newcase@murrayfrank.com
www.murrayfrank.com

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