PR Newswire
NEW YORK, Aug. 6, 2020
NEW YORK, Aug. 6, 2020 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP announces the filing of a federal securities class action lawsuit in the United States District Court for the Southern District of New York on behalf of purchasers of the shares of the ProShares Ultra Bloomberg Crude Oil exchange traded fund ("ETF") (NYSEArca: UCO) ("UCO") between March 6, 2020 and April 27, 2020, inclusive (the "Class Period").
All investors who purchased shares of the ProShares Ultra Bloomberg Crude Oil exchange ETF and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of the ProShares Ultra Bloomberg Crude Oil ETF, you may, no later than September 28, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of the ProShares Ultra Bloomberg Crude Oil ETF.
UCO is an exchange traded fund ("ETF") purportedly designed to reflect the performance of crude oil as measured by the price of West Texas Intermediate ("WTI") sweet, light crude oil futures contracts traded on the New York Mercantile Exchange. ETFs like UCO provide one of the primary means investors can gain exposure to fluctuations in oil prices. WTI is the main oil benchmark for North America, as it is sourced from the United States, primarily from the Permian Basin. The main delivery and price settlement point for WTI is Cushing, Oklahoma.
According to the filed complaint defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that:
As a result, UCO could not continue to pursue the passive investment strategy represented in the Registration Statement, causing its results to significantly deviate from its purported benchmark.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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SOURCE Wolf Haldenstein Adler Freeman & Herz LLP