XU LAW OFFICES P.C. Announces Filed First Securities Class Action Litigation Against Direxion Shares ETF Trust on Behalf of Investors who Purchased, Invested or Acquired Shares in NUGT, JNUG, or other Direxion leveraged ETFs

 

Queens, New York - On June 16, 2022, XU LAW OFFICES P.C. filed the first class action lawsuit against Direxion Shares ETF Trust and others in the United States District Court for the Southern District of New York on behalf of all investors who purchased, invested or acquired shares of the Direxion Daily Gold Miners Index Bull 2X Shares (the "NUGT", formerly “Direxion Daily Gold Miners Index Bull 3X Shares” before March 31, 2020), Daily Junior Gold Miners Index Bull 2X Shares (the "JNUG", formerly “Daily Junior Gold Miners Index Bull 3X Shares” before March 31, 2020), and other Direxion leveraged ETFs, 3X or 2X actively managed exchange-traded funds ("ETFs" or “Funds”) during the Class Period of December 1, 2016 through November 30, 2021 for Exchange Act Section 10(b) claim, no class period for Exchange Act Section 20A claim, and during the period of December 1, 2018 through November 30, 2021 for all other claims.

 

NUGT and DUST seek investment results that correspond to two times (200%) or two times of the inverse of (-200%) the daily performance of the NYSE ARCA Gold Miners Index (GDMNTR, or “Miners Index”); JNUG and JDST tracks two times (200%) or two times of the inverse of (-200%) of the daily performance of the MVIS Global Junior Gold Miners Index (MVGDXJTR, or “Junior Miners Index”). The Class is seeking to pursue remedies under Section 11 of the Securities Act of 1933 (15 U.S.C. §775), Securities Act Section 15 (15 U.S.C. § 77o), Sections 9(a)(2) of the Securities Exchange Act of 1934 [15 U.S.C. §§ 78i(a)(2)], Exchange Act Section 9(f) [15 U.S.C. § 78i(f)], Exchange Act Section 10(b) [15 U.S.C. § 78j(b)], Exchange Act Section 18(a) [15 U.S.C. § 78r(a)], Exchange Act Section 20(a) [15 U.S.C. § 78t(a)], Exchange Act Section 20A [15 U.S.C. § 78t-1(a)], (the "Exchange Act") and Rule 10b-5 [17 C.F.R. § 240.10b-5]  for the materially false and misleading statements and market manipulation, as followings: utilized devices and schemes to deceive and mislead the public, knowingly or recklessly issued false and misleading SEC filings and public statements in order to convince the public, controlled and manipulated prices, in hunting short term, long term, and middle term profit, making trend to serve its illegal market manipulation purposes, and caused the class damages during the Class Period. More detailed as: including manipulation of the intraday prices to mimic the underlying indexes’ trend, control of the closing prices to deviate the leveraged return, manipulation of the rebalance and readjustment of the closing price to make short swing trade profit; utilized the reverse split and forward split to manipulate the market price.

 

Represented by XU LAW OFFICES P.C., plaintiff seeks to recover damages for and on behalf of the Class. If you are a member of the Class as defined above and you satisfy legal requirements under Private Securities Litigation Reform Act of 1995, you may move the Court to serve as lead plaintiff until Monday, September 26, 2022. If you wish to participate in this action, or preserve your rights, please contact:

 

XU LAW OFFICES P.C.

136-18 39th Avenue, Suite 1003,

Flushing, NY 11354

(929) 200-7166

Fax: (929) 200-7167

Email: info@xulawoffices.com

Website: www.xulawoffices.com