According to the Complaint, the Company made false and misleading statements to the market. UCO experienced huge market volatility caused by dampened demand for oil due to the coronavirus pandemic and both increased supply and decreased prices caused by the Russia/Saudi oil price war. A massive influx of investor funds heightened a number of problems for the Fund, causing it to approach positional and regulatory limits. Combined with other issues, this meant UCO could no longer pursue its passive investment strategy as represented in the Fund’s Registration Statement. Based on these facts, the Fund’s public statements were false and materially misleading. When the market learned the truth about UCO, investors suffered damages.
The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against ProShares Ultra Bloomberg Crude Oil (“UCO” or “the Fund”) (NYSEArca: UCO) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company’s securities between March 6, 2020 and April 27, 2020, inclusive (the ”Class Period”), are encouraged to contact the firm before September 28, 2020.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm’s website at www.schallfirm.com, or by email at brian@schallfirm.com.
