LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors of United States Oil Fund, LP (“USO” or “the Company”) (NYSEArca: USO) for violations of the securities laws.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. USO issued its registration statement on March 23, 2020, stating in part “USCF does not anticipate letting USO’s Oil Futures Contracts expire and taking delivery of the underlying commodity. Instead, USCF will close existing positions, e.g., when it changes the Benchmark Oil Futures Contracts or Other Oil-Related Investments or it otherwise determines it would be appropriate to do so and reinvests the proceeds in new Oil Futures Contracts or Other Oil-Related Investments.” But despite that statement, the Company held 25% of the market on May WTI contracts. Trading was halted on April 21, 2020, as shares of USO dropped 25.1% to close at $2.81, a record low. USO is down 96% since the inception of the fund.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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