NEW YORK, Jan. 29, 2016 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of Third Avenue Focused Credit Institutional Fund & Investor Fund (“Third Avenue”) (Nasaq:TFCIX) (Nasdaq:TFCVX) between March 1, 2013 and December 10, 2015.
You are hereby notified that a securities class action lawsuit has been commenced in the USDC for the Central District of California, Western Division. If you purchased or otherwise acquired Third Avenue between March 1, 2013 and December 10, 2015, your rights may be affected by this action. To get more information go to: http://zlk.9nl.com/third-avenue.
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. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/third-avenue.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.