NEW YORK, June 24, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors in certain BlackRock iShares Exchange Traded Funds. Investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether BlackRock, Inc. ("BlackRock" or the "Company") failed to warn investors in the Company's BlackRock iShares ETFs that in times of volatility, ETFs are not as liquid as advertised and that the use of open market orders and stop loss orders could result in significant damages to an investor.
The U.S. financial markets experienced volatility on August 24, 2015 when the S&P 500 index fell as much as 5.3% in the opening minutes of trading, eventually finishing the day down 3.9%. Meanwhile, hundreds of ETFs traded at steep discounts relative to the sum of their holdings and their tracking index. For example, at 9:42 a.m. on August 24, Black Rock's iShares Select Dividend ETF tumbled 35% to $48, its lowest price of the day. By contrast, the combined weighted values of the stocks held by the ETF at that time was $72.42—down only 2.7%.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP