BOSTON, Nov. 20, 2009 (GLOBE NEWSWIRE) -- Gilman and Pastor LLP has brought class actions seeking damages against ProShares Trust ("ProShares") concerning ProShares' DUG (NYSE:DUG), UYG (NYSE:UYG), SDS (NYSE:SDS), FXP (NYSE:FXP) and SCO (NYSE:SCO) Funds. The complaints allege, inter alia, that ProShares, as well as others, violated the Securities Act of 1933 by failing to disclose the following risks, inter alia, in the Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with shares of certain ProShares funds: (1) if shares 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 certain ProShares funds would inevitably diverge from the performance of its benchmark -- i.e., the overwhelming probability, if not certainty, of spectacular divergence. Plaintiffs allege that the ProShares Funds are defective securities products and do not perform in accordance with reasonable expectations of investors.
The current lead plaintiff deadlines for the various ProShares funds are as follows:
November 23, 2009 DUG, UYG, SDS, FXP November 30, 2009 DXD December 28, 2009 SCO (Revised Deadline Date) January 4, 2010 DIG
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 Gilman and Pastor LLP to serve as your counsel in this action.
Gilman and Pastor LLP also represents investors seeking recovery of their losses in the following ProShares Funds: UltraShort Russell 2000 (NYSE:TWM); Short Dow30 (NYSE:DOG); UltraShort Basic Materials (NYSE:SMN); Ultra S&P 500 (NYSE:SSO); UltraShort 20+ Year Treasury (NYSE:TBT); Ultra Dow 30 (NYSE:DDM); Ultra Russell 2000 (NYSE:UWM); Ultra Real Estate (NYSE:URE); Ultra DJ-UBS Crude Oil (NYSE:UCO); Ultra Technology (NYSE:ROM); UltraShort QQQ (NYSE:QID); UltraShort 7-10 Year Treasury (NYSE:PST) Short S&P 500 (NYSE:SH); UltraShort MidCap400 (NYSE:MZZ); UltraShort SmallCap 600 (NYSE:SDD); UltraPro Short S&P 500 (NYSE:SPXU); UltraRussell MidCap Growth (NYSE:UKW); Short Financials (NYSE:SEF); Short Oil & Gas (NYSE:DDG); UltraShort Consumer Services (NYSE:SCC); UltraShort Semiconductors (NYSE:SSG); UltraShort Technology (NYSE:REW) ; Short MSCI Emerging Markets (NYSE:EUM); Short 20+ Year Treasury (NYSE:TBF); and UltraShort Gold (NYSE:GLL).
If you purchased or otherwise acquired shares in the DUG, UYG, SDS, FXP, SCO, DXD, or DIG funds or any of the funds listed above, and either lost in excess of $200,000 or still hold the shares, please contact Kenneth G. Gilman, Esq. of Gilman and Pastor, LLP, at (888) 252-0048, or via email at info@gilmanpastor.com.
Gilman and Pastor LLP is one of the country's premier national law firms that represent institutional and individual investors in class action, complex securities and corporate governance litigation. The firm has been a champion of investor rights for over 30 years and has been recognized for its reputation for excellence by the courts. If you are a member of the class, you can view a copy of the complaints and join this class action online at http://proshares-lawsuit.com or http://proshares-ultrashort-dug.com.