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CLASS ACTION UPDATE for FE, VEL and UCO: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

Thursday, 06 August 2020 02:00 PM

Levi & Korsinsky, LLP

Topic:
Lawsuits

NEW YORK, NY / ACCESSWIRE / August 6, 2020 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.

FE Shareholders Click Here: https://www.zlk.com/pslra-1/firstenergy-corp-loss-submission-form?prid=8417&wire=1
VEL Shareholders Click Here: https://www.zlk.com/pslra-1/velocity-financial-inc-loss-submission-form?prid=8417&wire=1
UCO Shareholders Click Here: https://www.zlk.com/pslra-1/proshares-ultra-bloomberg-crude-oil-loss-submission-form?prid=8417&wire=1

* ADDITIONAL INFORMATION BELOW *

FirstEnergy Corp. (NYSE:FE)

FE Lawsuit on behalf of: investors who purchased February 21, 2017 - July 21, 2020
Lead Plaintiff Deadline : September 28, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/firstenergy-corp-loss-submission-form?prid=8417&wire=1

According to the filed complaint, during the class period, FirstEnergy Corp. made materially false and/or misleading statements and/or failed to disclose that: (1) the legislative "solutions" that defendants claimed would resolve problems with the Company's nuclear facilities were centered on an illicit campaign to corrupt high-profile state legislators and thus secure legislation favoring the FirstEnergy; (2) over roughly three years, FirstEnergy and its affiliates funneled more than $60 million to prominent state politicians and lobbyists, including Ohio Speaker Larry Householder, in order to secure the passage of Ohio House Bill 6, which provided a $1.3 billion ratepayer-funded bailout to keep the Company's failing nuclear facilities in operation; (3) defendants falsely represented that they were complying with state and federal laws and regulations regarding regulatory matters throughout the Class Period, exposing the Company and its investors to the extreme risks of reputational, legal, and financial harm; (4) as a result of defendants' false statements and omissions, FirstEnergy insiders were able to sell more than $17 million worth of their FirstEnergy shares at artificially inflated prices.

Velocity Financial, Inc. (NYSE:VEL)

This lawsuit is on behalf of investors who purchased VEL stocks pursuant and/or traceable to the Registration Statement and Prospectus, as amended, issued in connection with Velocity's January 2020 initial public offering.
Lead Plaintiff Deadline : September 28, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/velocity-financial-inc-loss-submission-form?prid=8417&wire=1

According to the filed complaint, defendants failed to disclose that, at the time of Velocity's initial public offering (the "IPO"), the Company's non-performing loans had dramatically increased in size from the figures provided in the Registration Statement and Prospectus that Velocity had issued in connection with the IPO. Further, defendants failed to provide any information to investors regarding the potential impact of the novel coronavirus on Velocity's business and operations, despite the fact that the international spread of the virus had already been confirmed at the time of the IPO. The failure to disclose the substantial and growing proportion of the Company's loans that were non-performing and/or on non-accrual status as of the IPO rendered the statements contained in the Registration Statement and Prospectus regarding the quality of the Company's loan portfolio and underwriting practices materially misleading.

Proshares Ultra Bloomberg Crude Oil (NYSE:UCO)

UCO Lawsuit on behalf of: investors who purchased March 6, 2020 - April 27, 2020
Lead Plaintiff Deadline : September 28, 2020
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/proshares-ultra-bloomberg-crude-oil-loss-submission-form?prid=8417&wire=1

According to the filed complaint, during the class period, Proshares Ultra Bloomberg Crude Oil made materially false and/or misleading statements and/or failed to disclose that: (1) decreased demand for oil due to the coronavirus pandemic and increased oil supply and diminished oil prices caused by the Russia/Saudi oil price war had caused extraordinary market volatility; (2) a massive influx of investor capital into the Fund, totaling hundreds of millions of dollars, in a matter of days had increased Fund inefficiencies, heightened illiquidity in the West Texas Intermediate ("WTI") futures contract markets in which the Fund invested, and caused the Fund to approach positional and regulatory limits (adverse trends exacerbated by the Offering itself); (3) there was a sharp divergence between spot and future prices in the WTI oil markets, leading to a super contango market dynamic as oil storage space in Cushing, Oklahoma dwindled and was insufficient to account for the excess supply expected to be delivered pursuant to the WTI May 2020 futures contract. As a result, UCO could not continue to pursue the passive investment strategy represented in the Registration Statement, causing its results to significantly deviate from its purported benchmark.

You have until the lead plaintiff deadlines 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.

Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
[email protected]
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP

Topic:
Lawsuits
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