NEW YORK, Oct. 9, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP has filed a class action (09-cv-06935) on behalf of investors of ProShares' UltraShort Financials Fund (SKF). The Firm is investigating claims in ProShares' UltraShort DJ-AIG-Crude Oil Fund ("the SCO Fund") (NYSE:SCO), on behalf of all persons who purchased or otherwise acquired shares in the SCO Fund, an exchange-traded fund ("ETF") offered by ProShares Trust ("ProShares"), pursuant or traceable to ProShares' false and misleading Registration Statement, Prospectuses, and Statements of Additional Information issued in connection with the SCO Fund's shares.
The SCO Fund is an inverse leveraged ETF that seeks investment returns that are two times the inverse performance of the Dow Jones-UBS-Crude Oil Index. The investigation centers on the allegation that the registration statement filed by ProShares failed to adequately disclose that SCO shares should not be held more than a single trading day and were not an appropriate hedge against a decline in the performance of the crude oil index.
Those who invested are advised to contact Jeremy Lieberman at 888-476-6529 or 212-661-1100 or jalieberman@pomlaw.com. Pomerantz has prosecuted securities fraud claims for 70 years, and is regarded as one of the country's premier class action firms. The firm has offices in New York City, Chicago, Washington, D.C., Burlingame, CA. and Columbus, Ohio.