The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of investors who purchased or otherwise acquired the Investor class shares (TFCVX) or the Institutional class shares (TFCIX) of Third Avenue Focused Credit Fund (“Third Avenue” or the “Fund”) between March 1, 2013 and December 10, 2015, inclusive (the “Class Period”) pursuant or traceable to one of Third Avenue’s registration statements or prospectuses.
If you purchased or acquired the Investor or Institutional class shares of Third Avenue during the Class Period pursuant or traceable to one of the Third Avenue’s registration statements or prospectuses, you may move the Court for appointment as lead plaintiff by no later than March 29, 2016. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Third Avenue investors who wish to learn more about the litigation and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the Third Avenue Securities Class Litigation
Third Avenue is an investment series of the open-end management investment company, defendant Third Avenue Trust.
The action charges Third Avenue, its investment advisor, Third Avenue Management LLC, underwriter, trustees, officers, and other defendants with violations of the Securities Act of 1933 for registering, offering, and selling shares of Third Avenue pursuant to false and misleading registration statements and prospectuses.
The complaint alleges that the Fund’s prospectuses and registration statements contained material false or misleading statements regarding the Fund’s liquidity to meet shareholder redemption requests.
According to the lawsuit, Third Avenue promised investors that it would place no more than 15% of its assets in illiquid securities, those which could not be sold promptly at or near their carrying value. However, 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 certain assets to meet increasing amounts of redemption requests without selling the assets at drastically lowered prices. Third Avenue’s excessive illiquidity led it to suspend redemptions and shut down the Fund on December 10, 2015. That day, TFCVX closed at $6.48 per share and TFCIX closed at $6.46 per share, more than 45% below their highest prices during the Class Period.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, Nashville, and Seattle, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility.
The National Law Journal has recognized Lieff Cabraser as one of the nation’s top plaintiffs’ law firms for thirteen years. In compiling the list, the National Law Journal examines recent verdicts and settlements and looked for firms “representing the best qualities of the plaintiffs’ bar and that demonstrated unusual dedication and creativity.” Best Lawyers and U.S. News have named Lieff Cabraser as a “Law Firm of the Year” for each year the publications have given this award to law firms.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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View source version on businesswire.com: http://www.businesswire.com/news/home/20160212005912/en/
Contacts:
Lieff Cabraser
Heimann & Bernstein, LLP
Sharon M. Lee, 1-800-541-7358
