SAN DIEGO, July 10, 2020 /PRNewswire/ -- Johnson Fistel, LLP announces that a class action lawsuit has commenced on behalf of shareholders of United States Oil Fund, LP ("USO" or the "Company"). The class action is on behalf of shareholders who purchased USO securities pursuant to or otherwise traceable to the Fund's March 19, 2020 registration statement, as amended (together with the prospectus, "Registration Statement"), seeking to pursue remedies under the Securities Act of 1933 (the "1933 Act"). This action was filed in the United States District Court for the Northern District of California and is captioned Wang v. United States Oil Fund, LP, et al., 3:20-cv-4596.
USO is an exchange-traded fund ("ETF") 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.
The lawsuit alleges that defendants stated that USO would achieve its investment objective by investing substantially all of its portfolio assets in the near month WTI futures contract. Due to extraordinary market conditions in early 2020, USO's purported investment objective and strategy became unfeasible. According to the complaint, rather than disclose the known impacts and risks to the fund, USO held an offering of billions of dollars of USO shares in March 2020. Ultimately, the fund suffered billions of dollars in losses and was forced to abandon its investment strategy. In April and May 2020, USO belatedly acknowledged the extreme threats and adverse impact that the fund had been experiencing at the time of the March offering, but which defendants had failed to disclose to investors.
If you wish to serve as lead plaintiff in this class action, you must move the Court no later than August 18, 2020. A lead plaintiff will act on behalf of all other class members in directing the USO class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the USO class-action lawsuit. An investor's ability to share in any potential future recovery of the USO class action lawsuit is not dependent upon serving as lead plaintiff. If you are interested in learning more about the case, please contact Jim Baker (email@example.com) at 619-814-4471. If you email, please include your phone number.
Additionally, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson Fistel, LLP
Jim Baker, 619-814-4471
SOURCE Johnson Fistel, LLP
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