ProShares UltraShort Financials (ETF) Investor Lawsuit

An broker in ProShares UltraShort Financials (ETF) (Public, NYSE:SKF) has filed a accusation in the United States District Court for the Southern District of New York on account of all bodies who purchased or contrarily acquired shares in the UltraShort Financials ProShares fund, over declared violations of Federal Securities laws Sections 11 and 15 of the Securities Act of 1933 by ProShares Trust, ProShare Advisors LLC, SEI Investments Distribution Co and others.

Those who purchased ProShares UltraShort Financials (ETF) (Public, NYSE:SKF), pursuant or traceable to ProShares Trust’s Registration Statement, Prospectuses, and Statements of Additional Information issued in affiliation with the UltraShort Financials ProShares fund’ s shares, accept assertive options and there are abbreviate and austere deadlines running. Deadline: October 20, 2009. SKF investors, abnormally SKF investors with losses in balance of $200,000 on purchases of the SKF Fund, should acquaintance the Shareholders Foundation, Inc. at Email: mail(at)shareholdersfoundation.com or alarm us at: +1 (858) 779 - 1554. According to the complaint the plaintiff alleges that ProShares Trust, ProShare Advisors LLC, SEI Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg, Russell S. Reynolds, III, Michael Wachs, and Simon D. Collier abandoned balance laws by declining to acknowledge that the UltraShort Financials ProShares armamentarium is altogether abnormal as a directional investment play, declining to accomplish anywhere abreast investors' reasonable expectations. ProShares Trust sells its Ultra and UltraShort ETFs as "simple" directional plays. ProShares UltraShort Financials, aforetime UltraShort Financials ProShares, seeks investment after-effects that accord to alert the changed circadian achievement of the Dow Jones U.S. Financials Index, which measures the achievement of the banking casework industry of the U.S. disinterestedness market.

The plaintiff accuses that ProShares Trust marketed Ultra ETFs as advised to go up if markets go up and UltraShort ETFs as advised to go up if markets go down. According to the complaint ProShares UltraShort Financials Fund is declared to bear bifold the changed acknowledgment of the DJFIX, which fell about 51.03 percent from January 2, 2008 through December 17, 2008, evidently creating a ample accumulation for investors who advancing a abatement in the U.S. banking casework industry, or in added words, the ProShares UltraShort Financials Fund should accept accepted by 102.06 percent during this period, but in absoluteness alone accepted by about 1.06 percent during this period.