USO SHAREHOLDER ALERT: Bronstein, Gewirtz & Grossman, LLC Notifies Shareholders With Losses Exceeding $500K of Class Action Against United States Oil Fund, LP and Encourages Investors to Contact the Firm
NEW YORK, June 22, 2020 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against United States Oil Fund, LP ("USO" or "the Company") (NYSE: USO) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired USO securities between August 8, 2017, and June 10, 2020, both dates inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/uso.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The complaint alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose material adverse information. Specifically, the complaint alleges that: (1) USO would achieve its investment objective by investing substantially all of its portfolio assets in the near month WTI futures contract; (2) unbeknownst to investors, extraordinary market conditions in early 2020 made USO's purported investment objective and strategy unfeasible; (3) as excess oil supply increased and oil prices plummeted, the facilities available for storage in Cushing approached capacity, causing a "super contango" in which the futures prices for oil substantially exceeded the spot price; (4) instead of revealing the known impacts and risks to the Fund, USO held an offering of billions of dollars of USO shares in March 2020; and (5) as a result USO suffered billions of dollars in losses and was forced to abandon its investment strategy.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/uso 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 in USO you have until August 18, 2020 to 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.