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 complaint alleges that throughout the Class Period, defendants stated that USO would achieve its investment objective by investing substantially all of its portfolio assets in the near month WTI futures contract. However, unbeknownst to investors, USO’s purported investment objective and strategy was not feasible due to market conditions in early 2020, including a “super contango” in which the futures prices for oil substantially exceeded the spot price because storage facilities approached capacity in Cushing, Oklahoma. Instead of revealing the known risks and impacts, USO held an offering of billions of dollars of USO shares in March 2020.
United States Oil Fund, LP
Investors that purchased the Company’s securities and have suffered a loss, please fill in transaction information below, or email to email@example.com.
There is no cost or obligation associated with submitting your information. If you are a shareholder who suffered a loss, please submit your contact information and purchase information to participate in the putative class action.
We also encourage you to contact Lesley F. Portnoy of The Portnoy Law Firm, at 310.692.8883, to discuss your rights free of charge. You can also reach us through the firm’s website at www.portnoylaw.com, or by email at firstname.lastname@example.org.
If you choose to take no action, you can remain an absent class member.
Joining the case through the Portnoy Law website enables investors to learn about their legal claims and take an active role in recovering their losses.
The Portnoy Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
Portnoy Law Firm
Lesley F. Portnoy, Esq.,
8240 Beverly Blvd., Suite 9
Los Angeles, CA 90048