Bernstein Liebhard LLP has filed cases (the “Complaints”) against ProShares Trust (“ProShares”) concerning ProShares’ SRS, SKF, UYG, DUG, DXD, SMN, and SKK funds (the “Funds”). These complaints allege that ProShares, as well as others, violated the Securities Act of 1933 by failing to disclose the following risks,
, in the Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with shares of the Funds: (1) if shares of the Funds 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 Funds would inevitably diverge from the performance of its benchmark—i.e., the overwhelming probability, if not certainty, of spectacular divergence.
The deadline to move for lead plaintiff in the action concerning the SKK Fund is April 14, 2010.
There is also a deadline of April 12, 2010 to move for lead plaintiff in the action concerning the UltraShort Russell MidCap Value fund (the SJL fund).
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
If you purchased or otherwise acquired shares in the SKK or SJL Funds, and either lost money on the transaction or still hold the shares, please contact Joseph R. Seidman, Jr. at (877) 779-1414.