The complaint alleges that ProShares and the other defendants violated the Securities Act by failing to disclose the following risks, inter alia, in the Registration Statement: (1) if UYM Fund shares were held for a time period longer than one day, the likelihood of catastrophic losses was huge; and (2) the extent to which performance of the UYM Fund would inevitably diverge from the performance of the DJUSBM -- i.
If you purchased or otherwise acquired ProShares UYM shares, and either lost money on the transaction or still hold the shares, you may apply to the Court to serve as lead plaintiff in the action no later than March 15, 2010.
The UYM Fund, in particular, seeks investment results that correspond to twice (200%) daily performance of the Dow Jones U.
As ProShares knows, investors do not view ETFs as day trading investment vehicles and did not day-trade the UYM Fund.
The Complaint alleges that the UYM Fund is not a simple investment vehicle, did not go up when its benchmark index went up, and did not perform as described over a period longer than one trading day.
In ignorance of the false and misleading nature of the statements described in the complaint, plaintiff and the other members of the Class relied, to their detriment, on the integrity of the market price of the UYM Fund shares.