SOURCE: Klayman & Toskes

July 15, 2008 13:55 ET

Notice to All Investors of State Street's SSgA Yield Plus Fund From the Securities Law Firm of Klayman & Toskes

NEW YORK, NY--(Marketwire - July 15, 2008) - The Securities Law Firm of Klayman & Toskes, www.nasd-law.com, announced today that a class action lawsuit has been filed on behalf of purchasers of State Street Corporations's (NYSE: STT) SSgA Yield Plus Fund (NASDAQ: SSYPX). The class action lawsuit was filed in the United States District Court for the District of Massachusetts. State Street Global Advisors ("SSgA") is the investment advisor to an entire group of mutual funds under the State Street name.

According to the Complaint, State Street solicited investors to purchase shares of the SSgA Yield Plus Fund by representing that the Fund was "primarily in a diversified portfolio" with "high-quality debt securities" that include "high credit quality," "sophisticated credit analysis" and "team based decision making by experienced investment professionals." However, it appears that these statements may have been misleading because State Street did not disclose all of the risks associated with investing in the Fund, including the fact that the Fund was heavily invested in risky mortgage-backed or mortgage-related securities.

By June 11, 2007, State Street began lowering the value of the share price of the SSgA Yield Plus Fund. In the months to follow, the value of the SSgA Yield Plus Fund had significantly declined. As of December 12, 2007, the share price of the SSgA Yield Plus Fund had been lowered to about $8.00. Further, as of May 31, 2008, the SSgA Yield Plus Fund was valued at $6.60 per share.

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 SSgA Yield Plus, 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 SSgA Yield Plus 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.

NYSE: STT
Nasdaq: SSYPX

Contact Information

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