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WILMINGTON, Del., Feb. 03, 2016 -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Third Avenue Focused Credit Fund (TFCIX) and Third Avenue Focused Credit Investor Fund (TFCVX)?
- Did you purchase your shares between March 1, 2013 and December 10, 2015, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a class action complaint (the “Complaint”) has been filed in the United States District Court for the Central District of California on behalf of investors who purchased the securities of Third Avenue Focused Credit Fund and Third Avenue Focused Credit Investor Fund (together, “Third Avenue” or the “Fund”) between March 1, 2013 and December 10, 2015, inclusive (the “Class Period”) alleging that certain officers and directors of the Fund violated the federal securities laws.
The Complaint alleges that the Fund’s prospectuses stated that it would not place more than 15% of its assets in illiquid securities, securities that could not be sold promptly at or near its carrying value. However, analysis of the Fund’s 2013, 2014, and 2015 holdings revealed that it consistently held more than 15% of its net assets in illiquid securities, meaning that it could not promptly sell assets to meet growing redemptions without unloading them at fire sale prices. Consequently, the Fund suspended redemptions and shut down the Fund on December 10, 2015. On December 14, 2015, The Wall Street Journal reported that the U.S. Securities and Exchange Commission is looking into the circumstances of the liquidation freeze.
If you wish to serve as lead plaintiff, you must move the Court no later than March 29, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you suffered a loss in Third Avenue and would like to obtain additional information, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242, by e-mail at [email protected], or at http://rigrodskylong.com/investigations/third-avenue-focused-credit-tfcix-tfcvx.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco (888) 969-4242 (516) 683-3516 Fax: (302) 654-7530 [email protected] http://www.rigrodskylong.com
