NOTICE TO CUSTOMERS OF FULL-SERVICE BROKERAGE FIRMS - KlaymanToskes Announces Investigation on Behalf of UBS ETRACS - ProShares Daily 3x Long Crude ETN Investors that Sustained Losses in Excess of $100,000
KlaymanToskes ("KT (News - Alert)"), www.klaymantoskes.com, announces an investigation into UBS ETRACS - ProShares Daily 3x Long Crude ETN (NYSE Arca (News - Alert):WTIU) ("WTIU") recommended by full-service brokerage firms and investment advisors. While major stock indices have fallen approximately 30%, WTIU has dropped nearly 97% since market close on February 21, 2020-before COVID-19 fears sent markets significantly downward. Moreover, WTIU has dropped nearly 99% since reaching its 52-week high of 23.00 on April 23, 2019. The sole purpose of this release is to investigate whether strategies deployed by full-service brokerage firms were suitable for investors with concentrated positions, margin loans collateralized by, and/or any other negligent or unsuitable recommendations related to WTIU.
WTIU is an exchange traded note ("ETN") which seeks to track three-times the daily performance of the Bloomberg (News - Alert) WTI Crude Oil Subindex ER. However, as of March 24, 2020, UBS announced that it would suspend further sales of the WTIU and that outstanding shares would be redeemed by UBS on April 9, 2020. UBS has already had three other ETNs undergo mandatory redemptions: HOML, MLPZ, and SMHD, with the announcement of seven additional mandatory redemptions less than one week later: BDCL, HDLV, LBDC, LMLP, MORL, MRRL, and DVHL. These funds all employed leverage and were invested in risky sectors. Investors may seek damages for violations of sales practice rules and regulations, as set forth by the Financial Industry Regulatory Authority (FINRA) in arbitration. However, if you invest with E-Trade, TD Ameritrade, Charles Schwab, Fidelity, or Interactive Brokers or made self-directed trades, this investigation does not apply to you.
Investors who hold accounts at full-service brokerage firms, and have information relating to the manner in which the firm handled their portfolios, are encouraged to contact the attorneys of KlaymanToskes at (561) 542-5131, or visit our firm's website at www.klaymantoskes.com.
KT is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. KT has office locations in California, Florida, New York, and Puerto Rico.
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