NEW YORK, Oct. 23, 2009 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP has filed a class action (09-cv-8926) on behalf of investors of ProShares' UltraShort Oil and Gas Fund (NYSE:DUG) who purchased or otherwise acquired shares in the DUG 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 DUG Fund's shares.
The DUG Fund is an inverse leveraged ETF that seeks investment returns that are two times the inverse performance of the Dow Jones U.S. Oil and Gas Index. The investigation centers on the allegation that the registration statement filed by ProShares failed to adequately disclose that DUG shares should not be held more than a single trading day and were not an appropriate hedge against a decline in U.S. based oil and stocks.
If you are a shareholder who purchased shares in the DUG fund during the relevant period, you have until November 23, 2009 to ask the Court to appoint you as lead plaintiff for the class. Shareholders outside the United States may join the action, regardless of where they live or which exchange was used to purchase the securities.
Pomerantz is also investigating other ETF funds including Proshares' UltraShort Dow 30 Fund (NYSE:DXD), ProShares' UltraShort MSCI Emerging Markets Fund (NYSE:EEV), ProShares' UltraShort FTSE/Xinhus Fund (NYSE:FXP), ProShares UltraShort DJ-AIG-Crude Oil Fund (NYSE:SCO) and ProShares' UltraShort S&P 500 Fund (NYSE:SDS).
Those who invested are advised to contact Teresa Webb at 888-476-6529 or 212-661-1100 or tlwebb@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.