Brower Piven Encourages Investors Who Have Losses in Excess of $50,000 From Investment in First Trust Strategic High Income Fund
20 September 2008 - 5:52PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Northern District of Illinois on behalf of all
persons or entities who purchased or otherwise acquired the shares
of certain mutual funds offered by First Trust Portfolios L.P.,
including shares of the First Trust Strategic High Income Fund,
First Trust Strategic High Income Fund II and First Trust Strategic
High Income Fund III (collectively referred to as the "Funds")
(NYSE: FHI) (NYSE: FHY) (NYSE: FHO), during the period between July
26, 2005 and July 7, 2008, inclusive (the "Class Period") and on
behalf of all persons or entities who purchased or otherwise
acquired shares of the Funds issued in connection with the Fund's
initial public offerings ("IPOs"). The complaint charges the Funds
and the Funds' registrants, the Funds' adviser, First Trust
Advisors L.P., the Funds' sub-advisers and certain of the Funds'
officers and directors with violations under the Securities
Exchange Act of 1934 and the Securities Act of 1933.
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than November 12, 2008 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You may contact Brower Piven (through
hoffman@browerpiven.com or 410/332-0030) to answer any questions
you may have in that regard.
The complaint alleges that during the Class Period, defendants
issued materially false and misleading statements regarding the
Funds' portfolios and financial results. The complaint alleges that
as a result of defendants' false statements, the Funds' shares
traded at artificially inflated prices during the Class Period and
that, beginning in August 2007 and continuing through July 2008,
the Funds began to acknowledge the deterioration in the Funds'
portfolios. The complaint further alleges that these disclosures
caused the price of the Funds' shares to decline. According to the
complaint, the true facts which were omitted from the Registration
Statements/Prospectuses or were known by the defendants but
concealed from the investing public during the Class Period
included that the Funds lacked effective controls and hedges to
minimize the risk of loss from mortgage delinquencies which
affected a large part of their portfolios; that the Funds lacked
effective internal controls to ensure compliance with restrictions
and limitations related to the Funds' investment portfolios and
strategies; that the Funds were exposed to liquidity risk due to
the illiquid nature of a large portion of the Funds' portfolios;
and that that the Funds had misstated the extent of the risk from
their exposure to mortgage-backed assets.
If you have suffered a net loss for all transactions in First
Trust Strategic High Income Funds during the Class Period, you may
obtain additional information about this lawsuit and your ability
to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410-332-0030, or at Brower Piven, A Professional
Corporation, The World Trade Center-Baltimore, 401 East Pratt
Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower
Piven have combined experience litigating securities and class
action cases of over 40 years. If you choose to retain counsel, you
may retain Brower Piven without financial obligation or cost to
you, or you may retain other counsel of your choice. You need take
no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/332-0030 Email Contact
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