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STEVENSON, Md., Feb. 26, 2019 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of a class who purchased ProShares Short VIX Short-Term Futures ETF (SVXY) (“ProShares”) pursuant to the May 15, 2017 Registration Statement and/or between May 15, 2017 and February 5, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until April 1, 2019 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in ProShares during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with the May 15, 2017 Registration Statement and during the Class Period that due to a low-volatility trading environment, liquidity risks, and systemic design flaws, SVXY was susceptible to suffering calamitous losses.
According to the complaint, following February 5, 2018 materializations of the latent risks in the SVXY and other inverse and leveraged ETPs, which exposed fatal design flaws that made the products far riskier, the value of the SVXY declined significantly.
If you have suffered a loss in excess of $100,000 from investment in ProShares during the class period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153