USO is an exchange-traded fund (“ETF”) purportedly designed to track the daily changes in percentage terms of the spot price of West Texas Intermediate (“WTI”) light, sweet crude oil delivered to Cushing, Oklahoma.

The lawsuit alleges that defendants stated that USO would achieve its investment objective by investing substantially all of its portfolio assets in the near month WTI futures contract. Due to extraordinary market conditions in early 2020, USO’s purported investment objective and strategy became unfeasible. According to the complaint, rather than disclose the known impacts and risks to the fund, USO held an offering of billions of dollars of USO shares in March 2020. Ultimately, the fund suffered billions of dollars in losses and was forced to abandon its investment strategy. In April and May 2020, USO belatedly acknowledged the extreme threats and adverse impact that the fund had been experiencing at the time of the March offering, but which defendants had failed to disclose to investors.

United States Oil Fund, LP

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CONTACT:
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
www.portnoylaw.com
Office: 310.692.8883
8240 Beverly Blvd., Suite 9
Los Angeles, CA 90048
info@portnoylaw.com