UNITED STATES OIL FUND, LP CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against the United States Oil Fund, LP
LEAD PLAINTIFF DEADLINE IS AUGUST 18, 2020
NEW YORK, June 25, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of shareholders of the United States Oil Fund, LP ("USO" or the "Fund") (NYSE: USO). The class action is on behalf of shareholders who purchased USO securities between March 19, 2020 and April 28, 2020, inclusive (the "Class Period").
All investors who purchased shares of United States Oil Fund, LP, and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of United States Oil Fund, LP, you may, no later than August 18, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of United States Oil Fund, LP.
USO is an exchange-traded fund ("ETF") supposedly designed to track the daily changes in percentage terms of the spot price of West Texas Intermediate ("WTI") light, sweet crude oil delivered to Cushing, Oklahoma.
The lawsuit alleges that defendants stated that USO would achieve its investment objective by investing substantially all of its portfolio assets in the near month WTI futures contract. Due to extraordinary market conditions in early 2020, USO's purported investment objective and strategy became unfeasible. According to the complaint, rather than disclose the known impacts and risks to the fund, USO held an offering of billions of dollars of USO shares in March 2020.
Ultimately, the fund suffered billions of dollars in losses and was forced to abandon its investment strategy. It was not until late April and May 2020 that defendants acknowledged the extreme threats and adverse impacts that the fund had been experiencing at the time of the March offering, but which they failed to disclose to investors.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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