SOURCE: Klayman & Toskes

June 24, 2008 18:28 ET

Notice to All Investors of the Evergreen Ultra Short Opportunities Fund From the Securities Law Firm of Klayman & Toskes

NEW YORK, NY--(Marketwire - June 24, 2008) - The Securities Law Firm of Klayman & Toskes, www.nasd-law.com, announces that a class action lawsuit has been filed on behalf of purchasers of the Evergreen Ultra Short Opportunities Fund ("Evergreen Fund" or "the Fund") (NASDAQ: EUBAX) (NASDAQ: EUBBX) (NASDAQ: EUBCX) and (NASDAQ: EUBIX). The class action lawsuit was filed in the United States District Court for the District of Massachusetts. The Evergreen Fund was managed by Evergreen Investments which is the name under which Wachovia Corporation operates its investment management business.

When investors were solicited to purchases shares of the Fund, they were advised that the investment objective of the Fund was preservation of capital. Specifically, within several verbal discussions as well as the sales material distributed to the investing public, the Fund was promoted as one that sought "current income consistent with preservation of capital and low principal fluctuation." However, investors have claimed that Wachovia misled them with regard to the risks associated with the Fund, as well as the Fund's exposure to the subprime mortgage market. It turns out that the Fund was not diversified, but instead was over-concentrated with approximately 72% of its assets invested in the mortgage industry. Apparently, the Fund primarily invested in residential and commercial fixed and variable rate mortgage-backed securities including collateralized mortgage obligations ("CMOs") and other types of mortgage related securities. As a result of the high-risk asset allocation of the Fund, it experienced a decline of about 20% in less than 3 weeks.

The attorneys at the Law Firm of Klayman & Toskes are dedicated to aggressively pursuing claims on behalf of investors who have suffered losses in the Evergreen Fund, and as a result of the credit crisis and subprime fallout as a whole. Klayman & Toskes, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.

No class has yet been certified in the class action discussed above. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased shares of the Evergreen Fund you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal options at no obligation, including whether the filing of an individual arbitration claim is right for you, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com.

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Contact Information

  • Contact:
    Steven D. Toskes, Esquire
    Jahan K. Manasseh, Esquire
    Klayman & Toskes, P.A.
    888-997-9956
    http://www.nasd-law.com