Evergreen Investments is the target of an investigation by law firm, Burke, Harvey & Frankowski, LLC, following losses in its Evergreen Ultra Short Opportunities Fund. The firm is encouraging any investors that lost more than $50,000 to give them a call. Last week, Stoltmann Law Offices filed an arbitration claim against Evergreen for losses in the same fund.
Company Press Release
BIRMINGHAM, Ala., Jul 11, 2008 (PrimeNewswire via COMTEX) ----The Securities Law Firm of Burke, Harvey & Frankowski, LLC (www.bhflegal.com) announced today that it has begun an investigation into losses sustained in the Evergreen Ultra Short Opportunities Fund (EUBAX, EUBBX, EUBCX, and EUBIX) sold by Wachovia Securities, LLC. The Evergreen Ultra Short Opportunities Fund had a net asset value (NAV: 61.82, -0.18, -0.29%) of around $731 million on March 31, 2008 and by June of 2008, had dramatically dropped to a net asset value of approximately $400 million.
According to Richard Frankowski, a partner at Burke, Harvey & Frankowski, LLC, the Evergreen Fund is a bond mutual fund which was sold as an alternative to money market funds. Investors were told that the fund was designed to provide current income while preserving their principal. However, as a result of heavy investments in risky, mortgage-backed securities, investors recently have seen their principal decline substantially.
Frankowski advises any investors that lost more than $50,000 in these funds to consider their legal options. Investors can attempt to recover losses in class actions or in individual arbitrations. While class action lawsuits have been filed against Wachovia and Evergreen, Frankowski suggests that investors think about filing individual arbitrations. "Arbitration may be a more efficient process for litigating claims against financial institutions," said Frankowski. "Class actions often take years to conclude and frequently result in settlements that pay investors a few cents on the dollar."
Evergreen Fund investors can get more information by visiting www.bhflegal.com. Investors can obtain a free legal consultation by contacting Richard Frankowski at 1-888-930-9091.
No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers.
This news release was distributed by PrimeNewswire, www.primenewswire.com
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