TFCVX & TFCIX INVESTORS NOTICE: Lieff Cabraser Reminds Investors of Deadline in Class Action Against Third Avenue Management ...
March 09 2016 - 11:36AM
Business Wire
The law firm of Lieff Cabraser Heimann & Bernstein, LLP
reminds investors of the upcoming deadline to move for appointment
as lead plaintiff in Third Avenue Management LLC securities class
litigation brought on behalf of investors who purchased or
otherwise acquired the Investor class shares (TFCVX) or the
Institutional class shares (TFCIX) of Third Avenue Focused Credit
Fund (“Third Avenue” or the “Fund”) between March 1, 2013 and
December 10, 2015, inclusive (the “Class Period”) pursuant or
traceable to one of Third Avenue’s registration statements or
prospectuses.
If you purchased or acquired Third Avenue Investor or
Institutional class shares during the Class Period, you may move
the court for appointment as lead plaintiff by no later than March
29, 2016. A lead plaintiff is a representative party who acts on
behalf of other class members in directing the litigation. Your
share of any recovery in the action will not be affected by your
decision of whether to seek appointment as lead plaintiff. You may
retain Lieff Cabraser, or other attorneys, as your counsel in the
action.
Third Avenue investors who wish to learn more about the action
and how to seek appointment as lead plaintiff should click here or
contact Sharon M. Lee of Lieff Cabraser toll-free at
1-800-541-7358.
According to the lawsuit, Third Avenue promised investors that
it would place no more than 15% of its assets in illiquid
securities, those which could not be sold promptly at or near their
carrying value. However, an analysis of the Fund’s holdings in
2013, 2014, and 2015 has 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 certain
assets to meet increasing amounts of redemption requests without
selling the assets at drastically lowered prices. Third Avenue’s
excessive illiquidity led it to suspend redemptions and shut down
the Fund on December 10, 2015. That day, TFCVX closed at $6.48 per
share and TFCIX closed at $6.46 per share, more than 45% below
their highest prices during the Class Period.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP is a nationally
recognized law firm committed to advancing investor rights and
promoting corporate responsibility.
For thirteen years, the National Law Journal has selected Lieff
Cabraser as one of the top plaintiffs’ law firms in the nation.
Best Lawyers and U.S. News have also named Lieff Cabraser as a “Law
Firm of the Year” each year the publications have given this award
to law firms.
For more information about Lieff Cabraser and the firm’s
representation of investors, please visit
http://www.lieffcabraser.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160309006107/en/
Source/Contact for Media Inquiries
Only:Sharon M. Lee, 800-541-7358Lieff Cabraser Heimann &
Bernstein, LLP
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