Press Release |
ProShares Ultrashort Russell2000 Growth Fund Class Action Filed By Murray, Frank & Sailer LLP
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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 firstname.lastname@example.org www.murrayfrank.com Copyright Business Wire 2010