The lawyers at Saiontz & Kirk are no longer investigating Wachovia Evergreen Ultra Short Lawsuits. The information on this page is provided for information purposes only.
As a result of substantial losses tied to heavy investments in risky sub-prime mortgages, Evergreen Ultra-Short Opportunities Fund dropped 20% in the first half of 2008. As a result, fund managers announced on June 19, 2008 that they were liquidating the bond fund and that investors will receive only $7.48 per share.
The lawyers at Saiontz & Kirk, P.A. previously reviewed Evergreen Ultra-Short lawsuits for investors who lost over $10,000.00 from an investment in the bond fund. New cases are no longer being accepted.
False and misleading statements were made about the extent of risk investors were exposed to, and fund managers failed to diversify to prevent substantial losses.
Evergreen Ultra Short Opportunities Fund (EUBAX) shareholders should be provided reimbursement from Wachovia, the parent company for Evergreen Investments, for losses suffered by those who held shares in the bond fund.
EVERGREEN ULTRA SHORT PROBLEMS
Wachovia’s Evergreen Ultra Short Opportunities Fund is a bond fund that was promoted and sold as an investment that would generate income without substantial fluctuations in share value. Most investors selected Evergreen Ultra Short because they needed to preserve their capital. However, over a period of less than 30 days, investors realized substantial losses that they were never told they could be exposesd to.
Fund managers at Wachovia invested heavily in risky sub-prime mortgage securities. Over 70% of the fund’s assets were placed in these relatively new securities which had not been tested through market cycles. The full extent of the investment in these collateralized obligations, which are illiquid securities, was not properly disclosed. As a result of the failure to diversify the portfolio, investors suffered substantial and surprising losses.
At the time Ultra Short Opportunities was liquidated in June 2008, the total value of the fund was $403 million. In December 2007, the fund was valued at $947 million.
REVIEW A WACHOVIA EVERGREEN ULTRA SHORT LAWSUIT
The financial fraud lawyers at Saiontz & Kirk, P.A. are no longer reviewing potential Evergreen Ultra Short lawsuits for individual investors who lost over $10,000.00 from their investment in the bond fund. Wachovia and Evergreen had a duty to properly disclose relevant information and not materially misrepresent the risk level investors were exposed to.
Update: The lawyers at Saiontz & Kirk are no longer investigating Wachovia Evergreen Ultra Short Lawsuits. The information on this page is provided for information purposes only.