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Puerto Rico Investors Tax-Free Fund IV, Inc. Investor FIles Lawsuit Over Alleged Securities Laws Violations

  • If you invested in the Puerto Rico Investors Tax-Free Fund IV, Inc. between January 1, 2008 to May 1, 2012, you have certain options and there are strict and short deadlines running. Deadline: October 15, 2012. Puerto Rico Investors Tax-Free Fund IV, Inc. investors should should contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Security

Case Name
Puerto Rico Investors Tax-Free Fund IV Class Action Lawsuit 08/20/2012
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Puerto Rico

Class Period Begin
Class Period End
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Summary

Aug. 21, 2012 (Shareholders Foundation) -- An investor in the Puerto Rico Investors Tax-Free Fund IV, Inc. filed a lawsuit in the U.S. District Court for the District of Puerto Rico against UBS Financial Services, Inc. of Puerto Rico over alleged violations of Federal Securities Laws in connection with certain statements regarding the closed-end fund.
The lawsuit was filed on behalf purchasers of UBS Financial Services, Inc. of Puerto Rico -affiliated closed-end funds the Puerto Rico Investors Tax-Free Fund IV, Inc., Puerto Rico Fixed Income Fund III, Inc., Puerto Rico Fixed Income Fund V, Inc., Puerto Rico Investors Bond Fund I, Inc., Puerto Rico AAA Portfolio Bond Fund, Inc., and Puerto Rico AAA Portfolio Bond Fund II, Inc. during the time period between January 1, 2008 to May 1, 2012.

According to the complaint the plaintiff alleges UBS Financial Services, Inc. of Puerto Rico and certain officers, subsidiaries, affiliates and divisions of UBS Financial Services, Inc. of Puerto Rico violated the Securities Exchange Act of 1934 by issuing between January 1, 2008 to May 1, 2012, allegedly materially false and misleading statements regarding the affiliated closed-end funds of UBS Financial Services, Inc. of Puerto Rico.

Specifically, Plaintiffs claims that Defendants promoted extraordinary market returns, low risk and low volatility of the affiliated closed-end funds of UBS Financial Services, Inc. of Puerto Rico, while simultaneously not disclosing that closed-end funds' prices and liquidity were allegedly manipulated by UBS Financial Services, Inc. of Puerto Rico's support of the market.

According to the complaint, in selling 75% of its inventory and ceasing to use its inventory to support the closed-end funds secondary market, UBS Financial Services, Inc. of Puerto Rico caused prices to decline, thereby harming class members.