PROSHARES FUND INVESTIGATION

Milberg LLP is investigating certain funds offered by ProShares in connection with allegations that those funds may have been improperly marketed to investors.  Certain leveraged ETF funds in the ProShares Short, Ultra, and UltraShort families were marketed to investors as “simple” and were held out as having returns that correlated, directly or inversely, to various benchmarks.

In June 2009, securities regulator FINRA issued Regulatory Notice 09-31, which cautioned that leveraged ETFs are “highly complex financial instruments,” designed for use in “sophisticated trading strategies.”  FINRA also cautioned that leveraged ETFs are typically unsuitable for retail investors.  On July 15, 2009, the Massachusetts Secretary of State announced that Massachusetts had begun a probe into the sales practices of certain sellers of leveraged ETFs, including ProShares.

The ProShares funds which Milberg is currently investigating are listed on the left panel.  If you or a family member purchased shares in any of these funds and would like more information you may contact us to discuss the situation.

For over 40 years Milberg LLP has been prosecuting claims on behalf of individual and institutional investors in actions seeking to recover for fraud, breach of fiduciary duty, and negligence.  Milberg currently serves as lead counsel in federal and state courts throughout the United States in numerous securities fraud class actions.  Recent class action securities fraud recoveries in which Milberg was Lead or Co-Lead Counsel for the class include, among others, Tyco ($3.2 billion court approved settlement); CMS ($200 million court approved settlement); and Amex ($100 million court approved settlement).

If you wish to discuss this matter with us please contact the following attorney:

Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com

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