United States Oil Fund, LP (USO)
USO Investor Alert: Bronstein, Gewirtz & Grossman, LLC Announces Investigation of United States Oil Fund, LP and Encourages Investors With Losses Exceeding $500,000 to Contact the Firm
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of United States Oil Fund, LP ("USO” or "the Company") (NYSE: USO). The investigation concerns whether USO and certain of its officers and/or directors have violated federal securities laws.
On March 23, 2020, USO issued its registration statement stating in part "USCF does not anticipate letting USO’s Oil Futures Contracts expire and taking delivery of the underlying commodity. Instead, USCF will close existing positions, e.g., when it changes the Benchmark Oil Futures Contracts or Other Oil-Related Investments or it otherwise determines it would be appropriate to do so and reinvests the proceeds in new Oil Futures Contracts or Other Oil-Related Investments." Following this statement, USO held 25% of the market on May WTI contracts. Then on April 21, 2020, trading was halted and USO stock dropped 25.1% to close at $2.81. On April 23, 2020, USO dropped 96% since the inception of the fund.
If you are aware of any facts relating to this investigation, or purchased USO shares, you can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.