IN RE PROSHARES TRUST SECURITIES LITIGATION

No. 09 Civ. 6935(JGK).

889 F.Supp.2d 644 (2012)

In re PROSHARES TRUST SECURITIES LITIGATION.

United States District Court, S.D. New York.

September 7, 2012.


Attorney(s) appearing for the Case

Daniel Fried , Edward H. Glenn, Jr. , Jacob H. Zamansky , Kevin Dugald Galbraith , Zamansky & Associates, L.L.C., Christopher Lovell , Fred Taylor Isquith , Victor E. Stewart , Lovell Stewart Halebian Jacobson LLP, New York, NY, for Mark Karasick.

Joel H. Bernstein , Alan Ian Ellman , Christopher J. Keller , Stefanie Jill Sundel , Labaton Sucharow, LLP, Kevin Dugald Galbraith , Zamansky & Associates LLC, New York, NY, for Steven S. Novick On Behalf of Himself and all Others Similarly Situated, Charles Sankowich on Behalf of all Others Similarly Situated

David A.P. Brower , Brower Piven , Kevin Dugald Galbraith , Zamansky & Associates LLC, New York, NY, for Susan Asai.

Kevin Dugald Galbraith , Zamansky & Associates LLC, New York, NY, for Stephen C. Herman, Jonathan Dean.

Fred Taylor Isquith , Lovell Stewart Halebian Jacobson LLP, Kevin Dugald Galbraith , Zamansky & Associates LLC, New York, NY, for Michael A. Hyman.

Alan Ian Ellman , Christopher J. Keller , Stefanie Jill Sundel , Labaton Sucharow, LLP, New York, NY, for Charles Sankowich on Behalf of Himself.

Timothy John Dennin , Timothy J. Dennin, P.C., Northport, NY, Christopher Lovell , Fred Taylor Isquith , Victor E. Stewart , Lovell Stewart Halebian Jacobson LLP, Edward H. Glenn, Jr. , Jacob H. Zamansky , Kevin Dugald Galbraith , Zamansky & Associates, L.L.C., New York, NY, for Steven Schnall, Sherri Schnall.

Gustavo Fabian Bruckner , Pomerantz Haudek Block Grossman & Gross LLP, New York, NY, for Howard Schwack.

Kenneth A. Elan , Kenneth A. Elan, Esq. , New York, NY, for Michael Moss.

Jeremy Alan Lieberman , Pomerantz Haudek Block Grossman & Gross LLP, New York, NY, for CLAL Finance Batucha Investment Management, Ltd.

Jeffrey Charles Zwerling , Richard A. Speirs , Zwerling, Schachter & Zwerling, New York, NY, for George Prussin.

Albert Yong Chang , Johnson Bottini, LLP, San Diego, CA, Gregory Bradley Linkh , Murray Frank LLP, New York, NY, for Kalvin Kimbrough.

Mark C. Rifkin , Wolf Haldenstein Adler Freeman & Herz LLP, New York, NY, for The Ka Fai Group.

Ralph M. Stone , Stone Bonner & Rocco LLP, New York, NY, for Kevin E. O'Connell.

Joseph R. Seidman , Bernstein Liebhard, LLP, New York, NY, for Valancius, Forlader, Bailie, Parizotto, and The Marshalls, Kalvinder S. Bassi, Alan Parker, Maryanne D. Piplica, James Vidrine.

Christopher J. Keller , Labaton Sucharow, LLP, New York, NY, for SRS Investor Group, Proshares Investor Group.

Russell David Paul , Berger & Montague, P.C., Philadelphia, PA, for Feng Chen, Lin Qiao.

William Bernard Federman , Federman & Sherwood, Oklahoma City, OK, for Evan Stoopler.

James Elliot Lahm , Stull Stull & Brody, New York, NY, for Carl Carey.

Joseph R. Seidman , Bernstein Liebhard, LLP, Fred Taylor Isquith , Lovell Stewart Halebian Jacobson LLP, New York, NY, for Amir Mostafavi.

Aaron Lee Brody , Stull Stull & Brody, New York, NY, for The Savoie Movants.

Fred Taylor Isquith , Lovell Stewart Halebian Jacobson LLP, New York, NY, for Michael Eric Codlin, Jonathan Dean.

Robert A. Skinner , Ropes & Gray LLP, Boston, MA, for Proshares Trust, Proshare Advisors LLC, SEI Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg, Simon D. Collier, Proshares Trust II, Edward Karpowicz, William E. Seale, Charles Todd, Barry Pershkow, Jonathan Dean.

Arthur Harlod Aufses, III , Steven Shane Sparling , Kramer Levin Naftalis & Frankel, LLP, New York, NY, for Russell S. Reynolds, III, Michael Wachs.

Joseph R. Seidman , Bernstein Liebhard, LLP, New York, NY, Kevin Dugald Galbraith , Zamansky & Associates LLC, New York, NY, for David Marconi, Ariana Parizotto, Parjiana Razzvi, Wen-Hou Ma, Nan-Fong Wang.


OPINION AND ORDER

JOHN G. KOELTL, District Judge.

This is a putative class action brought by a group of investors (collectively, the "plaintiffs") in forty-four exchange-traded funds ("ETFs") offered by ProShares. The funds have daily investment objectives tied to an underlying benchmark index. The plaintiffs assert securities fraud claims pursuant to Sections 11 and 15 of the Securities Act of 1933, 15 U.S.C. §§ 77k & 77o. Two plaintiffs...

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