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Case Status:    ONGOING    
On or around 09/16/2020 (Date of last review)

Filing Date: June 19, 2020

According to the Complaint, the United States Oil Fund, LP ("USO") is an exchange traded fund 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. Because retail investors are generally not equipped to buy and sell barrels of oil or authorized to trade oil futures, ETFs such as USO provide one of the primary means that such investors can gain exposure to fluctuations in oil prices.

The Class Period begins on March 19, 2020. On that day, Defendants filed with the SEC the Registration Statement on Form S-3 to register USO shares for the Offering, which, after amendment, was declared effective March 23, 2020. The Complaint alleges that numerous representations to investors in the Registration Statement were materially false and misleading when made and that the Registration Statement also failed to provide any specifics regarding the effects of the COVID-19 pandemic, instead merely listing “pandemics such as COVID-19” among a laundry list of general market “events or conditions” that “may adversely impact the demand for crude oil.”

The Complaint alleges that during the Class Period, Defendants disseminated or approved false or misleading statements and failed to disclose adverse facts known to them about USO. The Complaint further alleges that Defendants’ fraudulent scheme and course of business: (i) deceived the investing public regarding USO’s business, prospects and risks; (ii) artificially inflated the prices of USO securities; and (iii) caused plaintiff and other members of the Class to purchase USO securities at artificially inflated prices.

On September 16, 2020, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: USO
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 20-CV-04740
JUDGE: Hon. Paul G. Gardephe
DATE FILED: 06/19/2020
CLASS PERIOD START: 03/19/2020
CLASS PERIOD END: 04/28/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Curtis V. Trinko
  2. Robbins Geller Rudman & Dowd LLP (Melville)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available