Remember the “safe fund” which blew up when the VIX short ETPs blew up? Well surprise surprise (not really) the lawyers have a new target. See the press release announcing the lawsuit against LJM Funds below.
NEW YORK, Feb. 21, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against LJM Funds Management, Ltd. (“LJM Partners” or the “Company”) (NASDAQ:LJMIX) and certain of its officers. The class action, filed in United States District Court, for the Northern District of Illinois, Eastern Division, and docketed under 18-cv-01312, is on behalf of a class consisting of investors who purchased or otherwise acquired shares of the LJM Preservation and Growth Fund (“LJMIX” or the “Fund”) between February 28, 2015 and February 7, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under the Securities Act of 1933 (the “Securities Act”).
If you are a shareholder who purchased or otherwise acquired shares of the LJM Preservation and Growth Fund (“LJMIX” or the “Fund”) between February 28, 2015 and February 7, 2018, both dates inclusive, you have until April 10, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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LJM Partners operates as an investment management firm. The Company specializes in volatility strategies aims to deliver low correlation to equity markets. LJM Funds Management conducts its business in the United States.
LJM Preservation & Growth Fund is an open-end fund incorporated in the United States. The Fund’s objective is capital appreciation. The Fund invests primarily in long and short call and put options on Standard & Poor’s 500 Index futures contracts and cash and cash equivalents, including high-quality short-term debt securities such as U.S. Treasury securities.
LJM Partners is headquartered in Chicago, Illinois and LJMIX shares trade on the NASDAQ under the ticker symbol “LJMIX.”
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) LJMIX was not focused on capital preservation and left investors exposed to an unacceptably high risk of catastrophic losses; (ii) LJMIX had not taken appropriate steps to preserve capital in down markets and left investors exposed to an unacceptably high risk of catastrophic losses; and (iii) as a result of the foregoing, LJMIX shares traded at artificially inflated prices, and class members suffered significant losses and damages.
The truth began to emerge on February 5, 2018, when the S&P fell approximately 4.6%. In the wake of this drop, LJMIX plunged from $9.82 on February 2, to $1.94 on February 7, 2018, a loss of approximately 80%.