NEW YORK, Jan. 22, 2010 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is representing investors of ProShares' Funds in several class actions. The Firm is also investigating claims against ProShares' UltraShort Basic Materials Fund ("the SMN Fund") (NYSE:SMN), on behalf of all persons who purchased or otherwise acquired shares in the SMN 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 SMN Fund's shares.
The SMN Fund is an inverse leveraged ETF that seeks investment returns that are twice the inverse performance of the Dow Jones U.S. Basic Materials Index. The investigation centers on the allegation that the registration statement filed by ProShares failed to adequately disclose that SMN shares should not be held more than a single trading day and were not an appropriate hedge against a decline in U.S.-based basic materials stocks.
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.