Published: September 20, 2008
Brower Piven Encourages Investors Who Have Losses in Excess of $25,000 From Investment in SSgA Intermediate Fund to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 10, 2008 Lead Plaintiff Deadline
Brower Piven, A Professional Corporation
announces that a class action lawsuit has been commenced in the United
States District Court for the Southern District of New York on behalf of
all investors who purchased the SSgA Intermediate Fund (the "Fund ")
(NASDAQ: SSINX) within three years of September 11, 2008 (the "Class
Period"). The complaint charges defendants with violations of the
Securities Act of 1933.
No class has yet been certified in the above action. Members of the Class
will be represented by the lead plaintiff and counsel chosen by the lead
plaintiff. If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff no later than November 10,
2008 and be selected by the Court. The lead plaintiff will direct the
litigation and participate in important decisions including whether to
accept a settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among applicants
claiming the largest loss from investment in the Company during the Class
Period. You may contact Brower Piven (through hoffman@browerpiven.com or
410/332-0030) to answer any questions you may have in that regard.
The complaint alleges that defendants solicited investors to purchase
shares of the Fund by making statements in its registration statement and
supplemental prospectuses that described the Fund's objective as one that
"seeks a high level of current income while preserving principal by
investing primarily in a diversified portfolio of debt securities with a
dollar-weighted average maturity between three and ten years." The
complaint further alleges that the registration statement represented that
the investment objective of the Fund was to invest "at least 80% of its
total assets in debt instruments" and to invest in "debt instruments rated
investment grade or better." As alleged in the complaint, these
statements, among others, were materially false and misleading because they
failed to reflect the actual risks associated with acquiring shares of the
Fund from the Fund's heavy investment in high-risk mortgage-backed
securities and/or securities tied to the value of subprime mortgages which
caused the Fund to suffer declines in net asset value.
If you have suffered a net loss for all transactions in the SSgA
Intermediate Fund during the Class Period, you may obtain additional
information about this lawsuit and your ability to become a lead plaintiff
by contacting Brower Piven at www.browerpiven.com, by email at
hoffman@browerpiven.com, by calling 410-332-0030, or at Brower Piven, A
Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt
Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven
have combined experience litigating securities and class action cases of
over 40 years. If you choose to retain counsel, you may retain Brower Piven
without financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be a
member of the class.
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