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:Notice to Investors of Certain ProShares ETF Funds Submission Deadlines by Gilman and Pastor LLP -- DUG, UYG, SDS, FXP, SCO 2009-11-20 11:35 ET - News Release Also News Release (U-DUG) PROSHARES ULTRASHORT OIL & GAS
Also News Release (U-FXP) PROSHARES ULTRASHORT FTSE/XINHUA
Also News Release (U-SCO) SCOR
Also News Release (U-SDS) PROSHARES ULTRASHORT S&P500
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.
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