USO Stock News: Berger Montague Continues Its Investigation Into Alleged Securities Fraud Claims Against United States Oil Fund L.P. (NYSEARCA: USO); Lead Plaintiff Deadline is August 18, 2020
PHILADELPHIA, July 8, 2020 /PRNewswire/ -- Berger Montague continues to investigate potential securities fraud claims against United States Oil Fund L.P. ("US Oil" or the "Company") on behalf of investors who purchased US Oil shares (NYSEARCA: USO) between March 19, 2020 and April 28, 2020 (the "Class Period"). In a recent development, US Oil was permitted by the Securities and Exchange Commission ("SEC") to issue new shares. The Company stated in April that it had issued all existing shares as a result of plunging oil prices that caused investor interested to spike.
If you purchased US Oil shares during the Class Period, have questions concerning your rights or interests, or would like to discuss Berger Montague's investigation, please contact attorneys Benjamin Galdston at (619) 678-0187 or Andrew Abramowitz at (215) 875-3015, or contact us at www.bergermontague.com/us-oil-update.
US Oil is an exchange traded fund ("ETF") with a stated objective to provide investors a return that tracks changes in the current spot price of West Texas Intermediate ("WTI") light, sweet crude oil. USO claimed it would achieve this by investing substantially all of its portfolio assets in near-month WTI futures contracts. However, beginning in mid-April 2020, US Oil implemented a series of changes that effectively exited all its near-month oil future contracts in favor of longer-term investments, purportedly in response to "market conditions and regulatory requirements."
Defendants allegedly were aware of these adverse conditions but did not disclose the risks to investors. US Oil has acknowledged these adverse "market conditions" were apparent since at least March 2020. Ultimately, the Fund abandoned its investment strategy and suffered billions of dollars in losses as WTI crude oil prices declined to historic lows and supply exceeded demand.
The SEC and the Commodity Futures Trading Commission also have commenced investigations regarding whether US Oil adequately informed investors about the risks and changes in the fund's investment strategy, according to a May 29, 2020 Bloomberg news report.
If you purchased US Oil shares during the Class Period, you may seek Court appointment as lead plaintiff to represent other injured investors in a class action. The lead plaintiff appointment deadline is August 18, 2020. You do not need to be a lead plaintiff to share in any potential Class recovery.
Whistleblowers: Persons with non-public information regarding United States Oil Fund L.P. are encouraged to confidentially assist Berger Montague's investigation or take advantage of the SEC Whistleblower program. Under this program, whistleblowers who provide original information may receive rewards totaling up to thirty percent (30%) of recoveries obtained by the SEC. For more information, contact us.
Berger Montague, with offices in Philadelphia, Minneapolis, Washington, D.C., and San Diego, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for five decades and serves as lead counsel in courts throughout the United States.
Contacts
Benjamin Galdston, Shareholder
Berger Montague
(619) 678-0187
[email protected]
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]
SOURCE Berger Montague
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