This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Pomerantz Files Class Action On Behalf of Investors in ProShares' UltraShort Financials Fund --- SKF 2009-10-09 18:32 ET - News Release NEW YORK, Oct. 9, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP has filed a class action lawsuit (09-cv-06935) in the United States District Court, Southern District of New York, on behalf of investors of ProShares' UltraShort Financials Fund ("the SKF Fund") (NYSE:SKF), an exchange-traded fund ("ETF") offered by ProShares Trust ("ProShares"), pursuant or traceable to ProShares' false and misleading Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with the SKF Fund's shares.
The SKF Fund is an inverse leveraged ETF that seeks investment returns that are two times the inverse performance of the Dow Jones U.S. Financials Index, which is a benchmark index for large U.S. banks and insurance companies. The investigation centers on the allegation that the registration statement filed by ProShares failed to adequately disclose that SKF shares should not be held more than a single trading day and were not an appropriate hedge against a decline in U.S. based financial stocks.
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