NEW YORK, Feb. 07, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims arising from securities fraud or other unlawful business practices on behalf of investors of ProShares Short VIX Short-Term Futures ETF (“SVXY” or the “Futures Fund”) (NYSEArca: SVXY). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
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On Monday, February 5, 2018, the stock market declined, with the S&P 500 Index dropping 4% amid concerns about rising bond yields and higher inflation. The CBOE Volatility Index (“VIX”) rocketed upward to a high of 38.80 during the day, from a close of 17.31 on Friday, February 2, 2018—a 124% daily spike. The Index experienced a similar surge, as the price of the VIX futures contracts on which it was based jumped at the end of the trading day. The price of SVXY shares, which track the inverse of the Index, declined. By the close of trading on February 5, 2018, the price of SVXY had dropped to $71.82 per share, from the prior close of $105.60 per share, a 32% decline. By market open on February 6, 2018, the price of SVXY shares had plummeted to a low of $11.11, a one-day decline of 90% from the prior day’s high of $107.19 per share.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 888-476-6529 ext. 9980
