Hagens Berman Reminds Third Avenue Management LLC. (Other: TFCIX, TFCVX) Investors of March 29, 2016 Lead Plaintiff Deadline
February 18 2016 - 7:30AM
Hagens Berman Sobol Shapiro LLP, a national investor-rights law
firm, reminds investors in Third Avenue Management LLC.
(Other:TFCIX) (Other:TFCVX) of the March 29, 2016 lead plaintiff
deadline in the securities fraud class action lawsuit related to
The Third Avenue Focused Credit Fund.
If you suffered losses because of your purchases of Third Avenue
Focused Credit Fund between March 1, 2013 and December 10, 2015, or
have information that will help our continuing investigation
contact Hagens Berman Partner Reed Kathrein, who is leading the
firm’s investigation by calling 510-725-3000,
emailing TFCIX@hbsslaw.com or visiting
https://www.hbsslaw.com/cases/TFCIX. The lawsuit was filed in
the U.S. District Court for the Central District of California and
investors have until March 29, 2016 to move the court to
participate as a lead plaintiff.
The complaint alleges that Defendants violated the Securities
Act of 1933 because the prospectuses and registration statements of
their fixed income mutual fund contained material false or
misleading statements regarding the Fund's liquidity. Third Avenue
touted that the Focused Credit Fund was an open-end fund, which
allow investors to redeem their shares daily. These funds must
maintain assets that are sufficiently liquid to meet shareholder
redemptions.
According to the lawsuit, the Third Avenue Focused Credit Fund
promised investors that it would place no more than 15% of its
assets in illiquid securities, which would support its position as
an open-end fund. Yet analysis of the Fund's holdings in 2013,
2014, and 2015 revealed that the Fund consistently held more than
15% of its net assets in illiquid securities. The Fund's excessive
illiquidity meant that it could not promptly sell assets to meet
growing redemptions without unloading them at fire sale prices,
leading it to suspend redemptions and shut down the Fund on
December 10, 2015, damaging investors.
Whistleblowers: Persons with non-public
information regarding Third Avenue should consider their options to
help in the investigation or take advantage of the SEC
Whistleblower program. Under the new SEC whistleblower program,
whistleblowers who provide original information may receive rewards
totaling up to 30 percent of any successful recovery made by the
SEC. For more information, call Reed Kathrein at
510-725-3000 or email TFCIX@hbsslaw.com.
About Hagens Berman Hagens Berman is headquartered in Seattle,
Washington with offices in 10 cities. The Firm represents
investors, whistleblowers, workers and consumers in complex
litigation. More about the Firm and its successes can be found at
www.hbsslaw.com. Read the Firm’s Securities Newsletter, and visit
the blog. For the latest news visit our newsroom or follow us on
Twitter at @classactionlaw.
Contact:
Reed Kathrein, 510-725-3000
Third Avenue Focused Credit Fund - Institutional Cl (MM) (NASDAQ:TFCIX)
Historical Stock Chart
From May 2024 to Jun 2024
Third Avenue Focused Credit Fund - Institutional Cl (MM) (NASDAQ:TFCIX)
Historical Stock Chart
From Jun 2023 to Jun 2024