United States District Court for the District of Massachusetts
Allegations:
A class action lawsuit was filed in the United States District Court for the District of Massachusetts on behalf of all purchasers of SSgA Yield Plus Fund ("Yield Plus Fund" or the "Fund") from June 30, 2005 through June 30, 2008, inclusive (the "Class Period"). BR>
The Complaint charges State Street Corporation ("State Street") and certain related entities, among others, with violations of the Securities Act of 1933. State Street Global Advisors ("SSgA") is the investment advisor to the entire group of mutual funds under the State Street name. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that a majority of the Fund's assets were invested in mortgage-backed or mortgage-related securities; (2) that the "Risk Management" disclosed by defendants was insufficient in that it did not warn of the extent to which the Fund was invested in mortgage-backed and mortgage-related securities, nor of the actual risks of investing in the Fund; and (3) that, as a result of the foregoing, the Fund's Registration Statement was false and misleading at all relevant times.
The Fund is a mutual fund promoted as having an objective of seeking "high current income and liquidity." In the Fund's Registration Statement and supplemental amendments (collectively referred to as the "Registration Statement"), defendants maintained that the Fund invested "primarily in a diversified portfolio of high-quality debt securities." Defendants touted the Fund's "high credit quality," maintained that decisions were made by "experienced investment professionals," and stated that they had engaged in a "sophisticated credit analysis."
From July 2006 through July 10, 2007, the Fund's shares traded at or above $9.88 per share. Thereafter, the value of the Fund's shares began to plummet. By April 2008, the value of the Fund's shares had fallen to as low as $6.60.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
SSgA Yield Plus Fund SSYP.X Securities Fraud Legal Help
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