The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Central District of California, Western Division, on behalf of investors who purchased Third Avenue Focused Credit Institutional Fund & Investor Fund (TFCIX, TFCVX) securities between March 1, 2013 and December 10, 2015.
The complaint alleges that, in violation of the Securities Act of 1933, Third Avenue’s prospectuses and registration statements contained material false and/or misleading statements regarding the Fund’s liquidity. In particular, the complaint alleges that Third Avenue Focused Credit Fund promised investors that it would place no more than 15% of its assets in illiquid securities, securities that could not be sold promptly at or near its carrying value. An analysis of the Fund’s holdings in 2013, 2014, and 2015 has revealed that the Fund consistently held more than 15% of its net assets in illiquid securities. The Fund’s excessive illiquidity meant that it could not promptly sell assets to meet growing redemptions without unloading them at fire sale prices, leading it to suspend redemptions and shut down the Fund on December 10, 2015.
If you suffered a loss in Third Avenue you have until March 29, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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