NEW YORK, June 24, 2008 (PRIME NEWSWIRE) -- The Securities Law Firm of Klayman & Toskes, www.nasd-law.com, announced today that investors who lost money in the Evergreen Ultra Short Opportunities Fund ("Evergreen Fund" or "the Fund") (Nasdaq:EUBAX), (Nasdaq:EUBBX), (Nasdaq:EUBCX) and (Nasdaq:EUBIX), and who wish to inquire about the class action recently filed in the U.S. District Court for the District of Massachusetts should contact Klayman & Toskes to discuss all of their legal options. The Evergreen Fund was managed by Evergreen Investments which is the name under which Wachovia Corporation (NYSE:WB) operates its investment management business.
According to Klayman & Toskes' investigation so far, investors of the Evergreen Fund were advised that the investment objective of the Fund was preservation of capital. Specifically, within several verbal discussions as well as the sales material distributed to the investing public, the Fund was promoted as one that sought "current income consistent with preservation of capital and low principal fluctuation." However, investors have reported that Wachovia misled them with regard to the risks associated with the Fund, as well as the Fund's exposure to the subprime mortgage market. It turns out that the Fund was not diversified, but instead was over-concentrated with approximately 72% of its assets invested in the mortgage industry. Apparently, the Fund primarily invested in residential and commercial fixed and variable rate mortgage-backed securities including collateralized mortgage obligations ("CMOs") and other types of mortgage related securities. As a result of the high-risk asset allocation of the Fund, it experienced a decline of about 20% in less than 3 weeks.
Klayman & Toskes notes that investors should strongly consider all of their legal options when attempting to recover losses in the Evergreen Fund. While a class action lawsuit regarding the Evergreen Fund has been filed, Klayman & Toskes reminds investors of the benefits of filing an individual arbitration claim, as opposed to participating in a class action. By participating in a class action lawsuit, an investor will most likely recover only pennies on the dollar. However, if one has experienced losses of $25,000 or more in the Evergreen Fund, it may be more beneficial for them to file an individual securities arbitration claim. In 2003, Klayman & Toskes conducted a study of securities arbitration versus class action. The study concluded that investors who file a securities arbitration claim may obtain an overall higher rate of recovery as opposed to participating in a class action lawsuit. To view the full results of the comparison, please visit our web-site: http://www.nasd-law.com/documents/classvr.pdf
The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of investors who have suffered losses in the Evergreen Fund, and as a result of the credit crisis and subprime fallout as a whole. Klayman & Toskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you lost $25,000 or more in the Evergreen Fund or have information relevant to our claims, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com.