NEW YORK, March 29, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against the following publicly-traded companies. You can review a copy of the Complaints by visiting the links below or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss, you can request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
ProShares Short VIX Short-Term Futures ETF (NYSE: SVXY)
Class Period: shares purchased (1) pursuant to the May 15, 2017 Registration Statement and/or (2) between May 15, 2017 - February 5, 2018
Lead Plaintiff Deadline: April 1, 2019
For more info: www.bgandg.com/svxy
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding the risks of investing in the Fund. Specifically, the complaint alleges that the Registration Statement failed to disclose that the Fund was threatened with catastrophic losses as a result of the Fund’s flawed design and the low-volatility environment and acute liquidity risks that existed during the Class Period. The complaint continues to allege that throughout the Class Period defendants made substantially similar false and misleading statements as those contained in the Registration Statement in numerous financial reports and draft prospectuses and registration statements filed with the SEC.
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) that the Company was improperly recognizing revenue for certain transactions; (2) that, as a result, the Company’s financial statements were misstated; (3) that the Company lacked adequate internal controls over financial reporting; (4) that, as a result, the Company would be subject to regulatory scrutiny and incur substantial costs; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose material adverse facts relating to the U.S. Securities and Exchange Commission's (the "SEC") expanded investigation into the Company's accounting practices, including investigating GE's $23 billion goodwill impairment charge (the "Power Charge"). GE announced the Power Charge on October 1, 2018, and the SEC investigation began shortly after.