(Source: Business Wire)
A class action lawsuit against Direxion Shares ETF Trust ("Direxion" or
the "Company") and certain individuals associated with the Company was
commenced in the United States District Court for the Southern District
of New York on behalf of all persons or entities who purchased or
otherwise acquired shares in the Financial Bear 3X Shares Fund
(NYSE:FAZ) Arca (the "FAZ Fund") offered by Direxion pursuant or
traceable to Direxion's allegedly materially false or misleading
Registration Statement issued in connection with the FAZ Fund's shares
(the "Class") during the period November 3, 2008 through April 9, 2009
(the "Class Period").
The complaint charges Direxion and certain of its executive officers
with violations of the Securities Act of 1933. The complaint alleges
that defendants misrepresented or omitted information regarding, among
other things, true risks of the Company's highly leveraged ETF products
for those investors in the FAZ Fund for more than a day.
This action seeks to recover damages on behalf of investors who
purchased Direxion securities. Plaintiff is represented by Weiss &
Lurie, a law firm possessing significant experience and expertise in
prosecuting class actions on behalf of shareholders in federal and state
courts throughout the United States. Weiss & Lurie has been responsible
for collectively recovering more than a billion dollars on behalf of
class members and is one of the nation's leading firms representing
shareholders in securities class actions.
If you purchased or otherwise acquired shares in the FAZ Fund, you may
move the court no later than November 17, 2009, to serve as a lead
plaintiff of the class. In order to serve as a lead plaintiff, you must
meet certain legal requirements. You do not need to seek appointment as
a lead plaintiff in order to share in any recovery.
If you want to obtain a copy of the complaint or want more information
about Weiss & Lurie or this action, or if you want to obtain a
Certification form to serve as a lead plaintiff, please visit www.weisslurie.com.
If you wish to receive an investor package or if you wish to discuss
this action, have any questions concerning this notice or your rights or
interests with respect to this matter, or if you have any information
you wish to provide to us, please contact:
Joseph H. Weiss and/or Mary A. Nastasi, (888) 593-4771 or (212) 682-3025
or via Internet electronic mail at infony@weisslurie.com
or by writing Weiss & Lurie, The French Building, 551 Fifth Avenue,
Suite 1600, New York City 10176.
A service of YellowBrix, Inc.
