Eric has served in leadership positions in a number of high profile, complex financial lawsuits. He has been recognized as a Daily Journal, among the Top 100 Super Lawyers in Northern California, and a Law360 MVP for Consumer Protection.
Our attorneys are investigating potential claims on behalf of investors of ProShares Short XIV Short-Term Futures ETF (NYSE ARCA: SVXY), which plunged by nearly 90% in after-hours trading on February 5, 2018.
Invested in ProShares Short VIX Short-Term Futures ETF?
You may have legal claims. Speak to an attorney about your rights.
SVXY Investment Product Designed to Return Inverse Performance of Market Volatility Index
SVXY is designed to give the opposite return of the CBOE Volatility index (VIX), the market’s widely-followed turbulence gauge. The Volatility Index reflects traders’ expectations for rough patches in the stock market, and usually trades in the opposite direction to the S&P 500. As stocks surged last year, ProShares Short VIX Short Term Futures ETF and a number of similar products aimed at shorting volatility, including Credit Suisse’s VelocityShares XIV Note, became popular.
A variety of financial media publications, including the Wall Street Journal, CNBC, and MarketWatch reported on the unprecedented drop in short volatility products, including SVXY. CNBC’s Larry McDonald referred to the plunge on Monday as “short volatility armageddon” and called investments in short volatility products “stepping in front of a freight train to pick up a $20 bill.” CNBC further reported that it estimates SVXY’s Net Asset Value to be around $3 to $6 following Monday’s drop, down from $140 in January.
Girard Gibbs' Financial Fraud Experience
Girard Gibbs’ financial fraud and securities lawyers have more than two decades of experience prosecuting fraud. Our attorneys have successfully litigated against some of the largest companies in the United States, and we have recovered more than a billion dollars on our clients’ behalf.
We have fought some of the most complex cases brought under federal and state laws nationwide, and our attorneys have been recognized with numerous awards and honors for their accomplishments, including Top 100 Super Lawyers in Northern California, Top Plaintiff Lawyers in California, The Best Lawyers in America, and rated AV Preeminent (among the highest class of attorneys for professional ethics and legal skills).
Noteworthy Financial Fraud Cases
|American Express Financial Advisors Securities Litigation||$100 million cash settlement for clients alleging American Express steered them into under-performing “shelf space funds” to reap kickbacks|
|Chase Bank “Check Loan” Litigation||$100 million settlement for consumers alleging Chase offered long-term fixed-rate loans, only to later more-than-double required payments|
|Peregrine Financial Group Customer Litigation||Settlements worth $75 million for futures and commodities investors who lost millions in the collapse of Peregrine Financial Group, Inc.|
|NantHealth||Court-appointed Co-Lead Counsel in a securities class action alleging the company’s founder violated federal securities law and artificially inflated stock prices|
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Michael has over 20 years of experience representing individuals in complex cases involving banking credit card and other financial frauds.
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