SAN FRANCISCO--(BUSINESS WIRE)--
Hagens Berman Sobol Shapiro LLP notifies BlackRock ETF investors that on April 27, 2017, the San Francisco Superior Court entered an order in the investor case against BlackRock Inc. (NYSE:BLK), iShares Trust and their affiliates. The case is brought on behalf of investors of BlackRock iShares Exchange Traded Funds (“ETFs”) who used market or stop loss orders and suffered losses when the underlying value of the assets in BlackRock ETFs disengaged from the ETF price during the August 24, 2015 ETF Flash Crash.
The Court order finds that plaintiffs have stated a claim pursuant to Section 11 of the 1933 Securities Act for failure to disclose the risks of using market and stop loss orders, and for misleading investors on the tradability and liquidity of BlackRock ETFs. The Court has reserved for future determination whether articles in the press concerning these risks were “clouded” by BlackRock’s actions and statements to the contrary.
The Court has scheduled a hearing for June 15, 2017 at 4:00 p.m. to discuss resolution of these and other issues, including whether ETF shares can be traced to any registration statement once traded in the market.
Plaintiffs’ counsel is investigating what BlackRock told investors and their advisors concerning the risk of using market or stop-loss orders with ETFs, and what investors and their advisors who used these orders knew or understood about these risks.
The potential class includes those who purchased iShares ETFs between June 16, 2013 and August 24, 2015 (the “Class Period”) and sold their iShares ETFs on August 24, 2015 pursuant to a market or stop-loss order, and were damaged thereby.
If you are an investor who fits this description, an investment advisor, or other person with knowledge or information concerning these issues, contact Plaintiffs’ counsel at https://www.hbsslaw.com/cases/blackrock-ishares-etf-august-24-2015-flash-crash-litigation or contact Reed Kathrein, who is leading the firm’s effort, by calling 510-725-3000 or emailing by emailing [email protected]. A copy of the First Amended Complaint can be found here and the order can be found here.
The ticker symbols for the ETFs involved include: VIG, SDY, DGRO, HDV, IYY, IFEU, REET, IFGL, IDV, JKD, JKE, JKF, JKG, JKH, JKI, JKJ, JKK, JKL, REM, DSI, KLD, IFNA, FTY, REZ, IYT, ITA, IYM, IAI, IYK, IYC, IYE, IYG, IYF, IYH, IHF, ITB, IYJ, IAK, IHI, IEO, IEZ, IHE, IYR, IAT, IYW, IYZ, IDU, AIA, IJH, ITOT, IUSG, IUSV, EMIF, IEV, IOO, ICLN, RXI, KXI, IXC, IXG, IXJ, EXI, IGF, MXI, IXN, IXP, WOOD, JXI, IWC, IBB, IWB, IWF, IWD, IWM, IWO, IWN, IWV, IWR, IWP, IWS, IWL, IWY, IWX, OEF, IVW, IVE, IJK, IJJ, IJT, IJS, PFF, VTI, VEA, VTV, VIG, VUG, VGK, EFA, SPY, VOO, GLD, AGG, VWO, QQQ, VNQ, VEA, LQD.
Hagens Berman is a national investor-rights law firm 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. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
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