Update on the ProShares Class Action Lawsuits
December 2010 Update on the ProShares Class Action Lawsuit
Zamansky & Associates has been appointed co-lead counsel in the consolidated class action proceedings concerning exchange-traded funds (”ETFs”) issued by ProShares. In September we filed a Consolidated Amended Complaint containing allegations regarding 31 different ETFs.
We are still seeking named plaintiffs for a number of those funds, all of which failed in the same manner as the SRS fund that was the subject of our original Complaint. Please contact us at (212) 742-1414 or by emailing jake@zamansky.com if you purchased any of the following funds anytime between August 6, 2006 through June 23, 2009:
AGQ Ultra Silver
GLL UltraShort Gold
MZZ UltraShort MidCap 400
SFK UltraShort Russell 1000 Growth
SIJ UltraShort Industrials
SJF UltraShort Russell 1000 Value
SKK UltraShort Russell 2000 Growth
SZK UltraShort Consumer Goods
TWQ UltraShort Russell 3000
ZSL UltraShort Silver
IF YOU HAVE ALREADY RETAINED COUNSEL, PLEASE DISREGARD THIS INFORMATION.
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JULY 2010 PROSHARES UPDATE
By order dated July 12, 2010, Federal Judge John G. Koeltl of the U.S. District Court for the Southern District of New York, named Zamansky & Associates LLC and Lovell Stewart Halebian Jacobson LLP as co-lead counsel in the class action case against ProShares Advisors LLC over alleged hidden risks in its inverse exchange-traded funds. The case alleges that ProShares, the fifth-largest ETF seller in the U.S., marketed its Ultra and UltraShort ETFs (SRS Fund) as “simple” directional plays, but it were in fact risky short-term investments that should not have been marketed to retail clients.
The case is In re: Proshares Trust Securities Litigation, case number 1:09-cv-06935, in the U.S. Districted Court for the Southern District of New York.
To read Judge Koeltl’s order, click here.