August 20, 2013 - The U.S. Court of Appeals for the Second Circuit affirmed the decision of the district court.
October 3, 2012 - The lead plaintiff filed a notice of appeal.

September 12, 2012 - The court issued a judgment closing the case.

September 7, 2012 - The court granted the defendants' motion to dismiss and ordered the case closed.

November 10, 2011 - The court granted the lead plaintiff's motion for leave to file an amended complaint and accepted the third amended complaint as previously submitted with the motion for leave to amend.

August 29, 2011 - The lead plaintiff filed a motion for leave to file an amended complaint and simultaneously submitted the third amended complaint.

March 17, 2011 - The defendants filed a motion to dismiss.

January 31, 2011 - The lead plaintiff filed a second amended complaint.

November 15, 2010 - The defendants filed a motion to dismiss.

September 25, 2010 - The lead plaintiff filed an amended consolidated complaint.

July 13, 2010 - The lead plaintiff and lead counsel were appointed.

May 7, 2010 - Additional lead plaintiff motions were filed.

April 28, 2010 - All cases were consolidated.

October 5, 2009 - Lead plaintiff motions were filed.

August 5, 2009 - An investor in shares of ProShares UltraShort Real Estate (ETF) (NYSE: SRS) filed a lawsuit in the U.S District Court for the Southern District of New York against ProShares Trust pursuant or traceable to ProShares Trust' alleged false and misleading registration statement, prospectuses, and statements of additional information issued in connection with the UltraShort Real Estate ProShares fund’s shares.

According to the complaint the plaintiff alleges that ProShares Trust, ProShare Advisors LLC, SEI Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg, Russell S. Reynolds, III, Michael Wachs, and Simon D. Collier violated Federal Securities Laws by failing to disclose that the UltraShort Real Estate ProShares fund is altogether defective as a directional investment play, failing to disclose several risks in the Registration Statement, and by misrepresenting and failing to disclose material adverse facts. According to the complaint, the defendants failed to disclose exceptional risks associated with the UltraShort Real Estate ProShares fund and Investors who purchased shares of UltraShort Real Estate ProShares fund may have suffered losses that may be compensable under the law.

The UltraShort Real Estate ProShares fund seeks investment results that correspond to twice the inverse (-200%) daily performance of the Dow Jones U.S. Real Estate Index, which measures the performance of the real estate sector of the U.S. equity market. Accordingly, the SRS Fund is supposed to deliver double the inverse return of the Dow Jones U.S. Real Estate Index, which fell approximately 39.2 percent from January 2, 2008 through December 17, 2008, ostensibly creating a profit for investors who anticipated a decline in the U.S. real estate market. In other words, the UltraShort Real Estate ProShares fund should have appreciated by 78.4 percent during this period. However, the UltraShort Real Estate ProShares fund fell approximately 48.2 percent during this period -- the antithesis of a directional play, so the complaint.

ProShares UltraShort Real Estate, located in Bethesda, MD, seeks daily investment results that correspond to twice the inverse daily performance of the Dow Jones U.S. Real Estate Index, which measures the performance of the real estate sector of the United States equity market. Component companies include those that invest directly or indirectly through development, management or ownership of shopping malls, apartment buildings and housing developments, and real estate investment trusts (REITs) that invest in apartments, office and retail properties. ProShares UltraShort Real Estate shares (NYSE: SRS) traded recently at $12.40 per share, down from a 52weekHigh of $295.72 per share.