(Source: MARKETWIRE)Bernstein Liebhard LLP filed a class action lawsuit on September 30, 2009 in the United States District Court for the Southern District of New York, on behalf of all persons who purchased or otherwise acquired shares in the UltraShort Oil and Gas fund (the "DUG Fund") (NYSE: DUG), an exchange-traded fund ("ETF") offered by ProShares Trust ("ProShares"), pursuant or traceable to ProShares' false and misleading Registration Statement, Prospectuses, and Statements of Additional Information (collectively, the "Registration Statement") issued in connection with shares of the DUG Fund (the "Class"). The Class is seeking to pursue remedies under Sections 11 and 15 of the Securities Act of 1933 (the "Securities Act").

The complaint names ProShares, ProShare Advisors LLC, SEI Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg, Russell S. Reynolds, III, Michael Wachs, and Simon D. Collier, as defendants (collectively, "Defendants"). ProShares sells its Ultra and UltraShort ETFs as "simple" directional plays. As marketed by ProShares, Ultra ETFs are designed to go up when markets go up; UltraShort ETFs are designed to go up when markets go down. The DUG Fund is one of ProShares' UltraShort ETFs. The DUG Fund seeks investment results that correspond to twice the inverse (-200%) daily performance of the Dow Jones U.S. Oil and Gas Index ("DJOGI"). Accordingly, the DUG Fund is supposed to deliver double the inverse return of the DJOGI, which fell approximately 37 percent from January 2, 2008 through December 31, 2008, ostensibly creating a profit for investors who anticipated a decline in the U.S. Oil and Gas market. In other words, the DUG Fund should have appreciated by over 74 percent during this period. However, the DUG Fund fell approximately 30 percent during this period.

The complaint alleges the Defendants violated the Securities Act by failing to disclose the following risks, inter alia, in the Registration Statement: (1) if DUG Fund shares were held for a time period longer than one day, the likelihood of catastrophic losses was huge; and (2) the extent to which performance of the DUG Fund would inevitably diverge from the performance of the DJOGI -- i.e., the overwhelming probability, if not certainty, of spectacular divergence.

Plaintiff in the DUG Action seeks to recover damages on behalf of all Class members who purchased or otherwise acquired shares of ProShares DUG. If you purchased or otherwise acquired ProShares DUG shares, and either lost money on the transaction or still hold the shares, you may wish to join in the action to serve as lead plaintiff.