New York, New York--(Newsfile Corp. - August 5, 2020) - The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Proshares Ultra Bloomberg Crude Oil (NYSE: UCO) alleging that the Company violated federal securities laws.
Class Period: March 6, 2020 and April 27, 2020
Lead Plaintiff Deadline: September 28, 2020
Learn more about your recoverable losses in DNK:
http://www.kleinstocklaw.com/pslra-1/proshares-ultra-bloomberg-crude-oil-loss-submission-form?id=8373&from=5
The filed complaint alleges that Proshares Ultra Bloomberg Crude Oil made materially false and/or misleading statements and/or failed to disclose that: (1) decreased demand for oil due to the coronavirus pandemic and increased oil supply and diminished oil prices caused by the Russia/Saudi oil price war had caused extraordinary market volatility; (2) a massive influx of investor capital into the Fund, totaling hundreds of millions of dollars, in a matter of days had increased Fund inefficiencies, heightened illiquidity in the West Texas Intermediate ("WTI") futures contract markets in which the Fund invested, and caused the Fund to approach positional and regulatory limits (adverse trends exacerbated by the Offering itself); (3) there was a sharp divergence between spot and future prices in the WTI oil markets, leading to a super contango market dynamic as oil storage space in Cushing, Oklahoma dwindled and was insufficient to account for the excess supply expected to be delivered pursuant to the WTI May 2020 futures contract. As a result, UCO could not continue to pursue the passive investment strategy represented in the Registration Statement, causing its results to significantly deviate from its purported benchmark.
Shareholders have until September 28, 2020 to petition the court for lead plaintiff status. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
For additional information about the UCO lawsuit, please contact J. Klein, Esq. by telephone at 212-616-4899 or click the link above.
J. Klein, Esq. represents investors and participates in securities litigations involving financial fraud throughout the nation. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
J. Klein, Esq.
Empire State Building
350 Fifth Avenue
59th Floor
New York, NY 10118
jk@kleinstocklaw.com
Telephone: (212) 616-4899
Fax: (347) 558-9665
www.kleinstocklaw.com
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