Firm Update No. 2023-05本所动态 2023-05 号
In re Leveraged Gold Miners ETFs: The First Investor Class Action Against Direxion Over NUGT and JNUG杠杆黄金矿业ETF案：首宗就NUGT及JNUG起诉Direxion的投资者集体诉讼
- Practice领域
- Securities证券法及相关
- Jurisdiction管辖
- United States District Court, Southern District of New York美国纽约南区联邦地区法院
- Our role本所角色
- Counsel to the investor plaintiffs and proposed class投资者原告及拟议集体的律师
- Status进展
- Filed June 16, 2022; dismissed Aug. 25, 20232022年6月16日起诉；2023年8月25日被驳回
IFacts事实
Direxion Shares ETF Trust sponsors leveraged exchange-traded funds, including NUGT and JNUG, which seek two or three times the daily performance of gold miners indexes. Investors in those funds suffered heavy losses around the start of the Covid-19 pandemic, when the funds cut their leverage from three times to two times and later used reverse splits. On June 16, 2022 the firm filed the first securities class action over these funds in federal court in Manhattan, on behalf of the firm's principal as an investor and a proposed class; a second investor later joined as a plaintiff. Direxion, its adviser, officers, trustees, administrator and distributor were named as defendants and were represented by a large national firm.Direxion Shares ETF Trust发行多只杠杆交易所交易基金，包括寻求黄金矿业指数单日表现两倍或三倍回报的NUGT及JNUG。新冠疫情初期，这些基金将杠杆由三倍降至两倍，其后又实施反向拆股，投资者损失惨重。2022年6月16日，本所代表本所负责人（作为投资者）及拟议集体，在曼哈顿联邦法院就这些基金提起首宗证券集体诉讼；其后另一名投资者加入为原告。被告包括Direxion及其投资顾问、高管、受托人、管理人和分销商，由一家全国性大型律师事务所代理。
IIQuestions Presented争议问题
(1) Did the funds’ prospectuses adequately disclose the risks of holding a daily-reset leveraged ETF for longer than one day? (2) Can investors state claims of market manipulation and insider trading against a fund sponsor based on price swings, leverage changes and reverse splits?（一）基金招募说明书是否充分披露了持有每日重置的杠杆ETF超过一天的风险？（二）投资者能否以价格剧烈波动、杠杆调整及反向拆股为依据，对基金发起人提出操纵市场及内幕交易的请求？
IIIRelevant Law相关法律
Securities Act §§ 11, 15, 15 U.S.C. §§ 77k, 77o: registration statement liability; material misstatement or omission; control person liability; strict liabilitySecurities Act §§ 11, 15, 15 U.S.C. §§ 77k, 77o：注册说明书责任；重大虚假陈述或遗漏；控制人责任；严格责任
Exchange Act §§ 9, 10(b), 18, 20A, 15 U.S.C. §§ 78i, 78j(b), 78r, 78t-1; Rule 10b-5: market manipulation; scienter; loss causation; misleading filings; contemporaneous trader insider trading claimExchange Act §§ 9, 10(b), 18, 20A, 15 U.S.C. §§ 78i, 78j(b), 78r, 78t-1; Rule 10b-5：市场操纵；欺诈故意；损失因果关系；误导性申报文件；同期交易者内幕交易诉权
In re ProShares Trust Sec. Litig., 728 F.3d 96 (2d Cir. 2013): leveraged ETF disclosure; daily reset; path dependency; materiality as a matter of lawIn re ProShares Trust Sec. Litig., 728 F.3d 96 (2d Cir. 2013)：杠杆ETF披露；每日重置；路径依赖；法律上的重大性认定
Xu v. Direxion Shares ETF Trust, No. 22-cv-5090 (VEC) (S.D.N.Y. Aug. 25, 2023): putative class action; motion to dismiss; PSLRA heightened pleadingXu v. Direxion Shares ETF Trust, No. 22-cv-5090 (VEC) (S.D.N.Y. Aug. 25, 2023)：拟议集体诉讼；驳回起诉动议；PSLRA加重诉状标准
IVDisposition结果
On August 25, 2023 the court granted the defendants’ motion and dismissed the action with prejudice. No appeal was taken.2023年8月25日，法院批准被告的动议，以有既判效力的方式驳回起诉。原告未提起上诉。
Client details are withheld to protect confidentiality. Prior results do not guarantee a similar outcome.为保护客户隐私，相关信息已隐去。过往结果不保证类似案件的结果。