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Scott+Scott, Attorneys at Law, LLP : Files Class Action Suit Against LJM Funds Management Ltd. (LJMIX)

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02/09/2018 | 10:14pm CEST

Scott+Scott, Attorneys at Law, LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, today announced that it has filed a class action lawsuit against LJM Funds Management Ltd. (“LJM Partners” or the “Company”) and certain of its executives (collectively, “Defendants”).

The action, which was filed in the U.S. District Court for the Northern District of Illinois, asserts claims under Sections 11, 12, and 15 of the Securities Exchange Act of 1933 (the “Securities Act”), 15 U.S.C. §§77k, 77l and 77o, on behalf of persons who purchased shares of the LJM Preservation and Growth Fund Class I (“LJMIX”) (MUTF: LJMIX) between February 28, 2015 and February 7, 2018, inclusive (the “Class Period”).

LJMIX is a mutual fund that purports to invest primarily in purchased and sold call and put options on Standard & Poor’s 500 Futures Index (“S&P”).

The complaint alleges that Defendants violated provisions of the Securities Act by issuing false and misleading statements to investors, including in filings with the U.S. Securities and Exchange Commission (“SEC”). Specifically, Defendants made false and/or misleading statements and/or failed to disclose that LJMIX was not focused on capital preservation and left investors exposed to an unacceptably high risk of catastrophic losses. In addition, it is alleged that Defendants violated 17 C.F.R. 229.303 by failing to disclose the fact that LJMIX had not taken appropriate steps to preserve capital in down markets.

The truth emerged on February 5, 2018, when the S&P fell approximately 4.6 percent. In the wake of this drop, LJMIX plunged from a close price of $9.82 on February 2, 2018 to a close price of $1.94 on February 7, 2018, a massive loss of approximately 80 percent.

If you wish to serve as lead plaintiff, you must move the Court no later than April 10, 2018. Any member of the proposed class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed class.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Joe Pettigrew of Scott+Scott at (844) 818-6982, or via email at jpettigrew@scott-scott.com.

About Scott+Scott, Attorneys at Law, LLP

Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.


© Business Wire 2018
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