NEW YORK, Sept. 24, 2008 (GLOBE NEWSWIRE) -- The law firm of Napoli Bern Ripka LLP, announced today that it filed an arbitration claim with FINRA (Financial Industry Regulatory Authority) against Wachovia Securities, LLC, a subsidiary of Wachovia Company (NYSE:WB), on behalf of an investor that purchased the Evergreen Ultra Short Opportunities Fund (EUBAX).
According to attorney Vincent J. Imbesi, who heads Napoli Bern's securities division, "Clients of Wachovia that purchased the Evergreen Funds thought the Funds were conservative and safe, with characteristics of money market funds. In actuality, they purchased funds that had more risk then originally disclosed."
The Statement of Claim alleges that the Evergreen Ultra Short Opportunities funds were marketed to investors as a mutual fund with an investment objective of "preservation of capital and low principal fluctuation." The claim alleges that the stated objectives were not followed, leaving investors with losses of over 20%.
The firm is representing investors on an individual basis, not in a class action. The firm believes that investors have a better chance of recovering more money, in a shorter time frame, by filing an individual arbitration compared to participating in a class action. The firm does not charge a legal fee unless it recovers money for its clients. Investors can obtain a free legal consultation by contacting Vincent J. Imbesi at 1- (888) 529-4669. The firm will represent purchasers of the subject Evergreen Funds regardless of the amount lost (most firms requires a minimum loss of $50,000).
The law firm of Napoli Bern Ripka has recovered over 1.5 billion dollars ($1,500,000,000) for its clients. The firm's attorneys have represented hundreds of investors in FINRA arbitrations. Napoli Bern Ripka, LLP ("NBR") is a nationally known plaintiff's law firm with offices in New York City, Long Island, New Jersey, and Philadelphia. In addition to Stock Fraud claims, the firm represents clients in personal injury matters, medical and other professional malpractice, and pharmaceutical products liability (diet drugs, Rezulin and Trasylol) as well as toxic tort and other environmental claims. The firm has more than 60 years of combined litigation experience in trial and appellate courts.
Senior Partners Marc Jay Bern and Paul J. Napoli have been chosen for inclusion in New York Super Lawyers(r) for 2007, and both are members of the prestigious Litigation Counsel of America. Both Mr. Bern and Mr. Napoli are also long-time members of the invitation-only Million Dollar Advocates Forum.
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.