United States Oil Fund, LP (USO) Shareholder Investigation: Lawsuit Filed
Thornton Law Firm LLP is investigating a securities class action lawsuit filed on behalf of shareholders of United States Oil Fund, LP (NYSE: USO). Investors who purchased USO securities between March 19, 2020 and April 28, 2020, that are interested in serving as a lead plaintiff, are encouraged to submit their information here. Investors may also contact Thornton Law Firm at email@example.com, or call 617-531-3917. Investors outside the USA, including derivative investors, are particularly encouraged to contact Thornton Law Firm to discuss their potential recovery rights.
The lawsuit alleges violations of the federal securities laws, and the class has not yet been certified. Until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member. There is no minimum number of shares required to be a class member, and shareholders do not need to be lead plaintiff to recover as a class member. The lead plaintiff serves as a representative of all investors in the lawsuit. Interested USO shareholders have until August 18, 2020, to apply to be a lead plaintiff.
According to the Complaint, the United States Oil Fund, LP (“USO”) is an exchange traded fund purportedly designed to track the daily changes in percentage terms of the spot price of West Texas Intermediate (“WTI”) light, sweet crude oil delivered to Cushing, Oklahoma. Because retail investors are generally not equipped to buy and sell barrels of oil or authorized to trade oil futures, ETFs such as USO provide one of the primary means that such investors can gain exposure to fluctuations in oil prices.
The Complaint alleges that on March 19, 2020, Defendants filed with the SEC the Registration Statement on Form S-3 to register USO shares for the Offering, which, after amendment, was declared effective March 23, 2020. The Complaint alleges that numerous representations to investors in the Registration Statement were materially false and misleading when made and that the Registration Statement also failed to provide any specifics regarding the effects of the COVID-19 pandemic, instead merely listing “pandemics such as COVID-19” among a laundry list of general market “events or conditions” that “may adversely impact the demand for crude oil.”
It is alleged that during the Class Period, Defendants disseminated or approved false or misleading statements and failed to disclose adverse facts known to them about USO. The Complaint further alleges that Defendants’ fraudulent scheme and course of business: (i) deceived the investing public regarding USO’s business, prospects and risks; (ii) artificially inflated the prices of USO securities; and (iii) caused plaintiff and other members of the Class to purchase USO securities at artificially inflated prices.
Investors who suffered a loss in United States Oil Fund, LP that are interested to learn more about the lead plaintiff process are encouraged to contact the Thornton Law Firm’s shareholder rights team by submitting their information here, by email at firstname.lastname@example.org, or calling 617-531-3917.
Thornton Law Firm’s securities attorneys are highly experienced in representing investors in recovering damages caused by violations of the securities laws. Its attorneys have established track records litigating securities cases in courts throughout the country and recovering losses on behalf of shareholders. This may be considered Attorney Advertising in some jurisdictions. Prior results do not guarantee or predict a similar outcome with respect to any future matter.