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ProShares UltraShort Financials (ETF) Investor Lawsuit

Class Action Lawsuit on behalf of investors in ProShares UltraShort Financials (ETF) (Public, NYSE:SKF) Fund over alleged securities laws violations by ProShares Trust, ProShare Advisors LLC, SEI Investments Distribution Co. – Contact us

 
 
mail@shareholdersfoundation.com
mail@shareholdersfoundation.com
PRLog - Sep. 3, 2009 - SAN DIEGO -- An investor in ProShares UltraShort Financials (ETF) (Public, NYSE:SKF) has filed a lawsuit 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 UltraShort Financials ProShares fund, over alleged violations of Federal Securities laws Sections 11 and 15 of the Securities Act of 1933 by ProShares Trust, ProShare Advisors LLC, SEI Investments Distribution Co and others.

If you purchased ProShares UltraShort Financials (ETF) (Public, NYSE:SKF), pursuant or traceable to ProShares Trust’s Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with the UltraShort Financials ProShares fund’ s shares, you have certain options and there are short and strict deadlines running. Deadline: October 20, 2009. SKF investors, especially SKF investors with losses in excess of $200,000 on purchases of the SKF Fund, should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

According to the complaint the plaintiff alleges that ProShares Trust, ProShare Advisors LLC, SEI Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg, Russell S. Reynolds, III, Michael Wachs, and Simon D. Collier violated securities laws by failing to disclose that the UltraShort Financials ProShares fund is altogether defective as a directional investment play, failing to perform anywhere near investors' reasonable expectations. ProShares Trust sells its Ultra and UltraShort ETFs as "simple" directional plays. ProShares UltraShort Financials, formerly UltraShort Financials ProShares, seeks investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Financials Index, which measures the performance of the financial services industry of the U.S. equity market.
The plaintiff accuses that ProShares Trust marketed Ultra ETFs as designed to go up when markets go up and UltraShort ETFs as designed to go up when markets go down. According to the complaint ProShares UltraShort Financials Fund is supposed to deliver double the inverse return of the DJFIX, which fell approximately 51.03 percent from January 2, 2008 through December 17, 2008, ostensibly creating a sizable profit for investors who anticipated a decline in the U.S. financial services industry, or in other words, the ProShares UltraShort Financials Fund should have appreciated by 102.06 percent during this period, but in reality only appreciated by approximately 1.06 percent during this period.

Those who purchased ProShares UltraShort Financials (ETF) (Public, NYSE:SKF), pursuant or traceable to ProShares Trust’s Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with the UltraShort Financials ProShares fund’ s shares,  have certain options and there are short and strict deadlines running. Deadline: October 20, 2009. SKF investors, especially SKF investors with losses in excess of $200,000 on purchases of the SKF Fund, should contact the Shareholders Foundation, Inc. at:

Email: mail@shareholdersfoundation.com

Or call us at: +1 (858) 779 - 1554

Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423 -
92108 San Diego
Tel:+1-(858)-779-1554
Fax:+1-(858)-605-5739
mail@shareholdersfoundation.com
www.ShareholdersFoundation.com
_____________________________________________________________________________________

# # #

Advertising. The Shareholders Foundation, Inc. is an investor advocacy group. We do research related to shareholder issues and inform investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. At Shareholders Foundation, Inc. we are in contact with a large number of shareholders. We believe that together we can combine the interests of many investors, and use the size of our interest as leverage against the giant corporations. We offer help, support, and assistance for every shareholder. We help investors find answers to their questions and equitable solutions to their problems. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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Contact Email:
***@shareholdersfoundation.com Email Verified
Source:Shareholders Foundation, Inc.
Phone:+1-(858)-779-1554
Zip:92108
City/Town:San Diego - California - United States
Industry:Banking, Business, Finance
Tags:skf, proshares, proshares ultrashort, proshares ultrashort financials, nyse skf
Shortcut:prlog.org/10331143
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