Update on the Proshares Class Action Lawsuits
My office has received numerous inquiries relating to our litigation involving ProShares ETFs. As many aggrieved investors in these products may seek to be parties to the litigation, herewith is an update as to what’s happening.
In addition to the ProShares UltraShort Real Estate ETF (SRS) suit filed by Zamansky & Associates, lawsuits have been filed relating to nearly a dozen ProShares Short or UltraShort ETFs alleging essentially the same claim: the prospectuses for these funds were wholly inadequate and misleading and didn’t make clear that the funds were intended for day trading only. Accordingly, ProShares has asked that all the suits be consolidated as a single action because the company insists they are all based on the same factual and legal theories. The court is expected to rule on the ProShares motion in the coming weeks.
ProShares investors in any of the ETFs interested in filing or joining the lawsuits can still do so.
Please contact us if you purchased ProShares SJL funds, ProShares SKK funds, ProShares UYM funds or any other ProShares fund which did not perform as represented.