DENVER, July 8, 2008 (LAWFUEL) — Dyer & Berens LLP
(www.DyerBerens.com) today announced that it has filed a class action
lawsuit in the United States District Court for the District of
Massachusetts against State Street Corporation (NYSE:STT) and others on
behalf of purchasers of the SSgA Yield Plus Fund (SSYPX) (the “Yield
Plus Fund” or the “Fund”) who purchased shares of the Fund within the
three years that preceded the filing of this lawsuit (the “Class”). The
complaint seeks remedies for shareholders under the federal Securities
Act of 1933.
If you are a member of the Class (as defined above), you have the legal
right to petition the Court to be appointed a “lead plaintiff.” A lead
plaintiff is a representative party that acts on behalf of other class
members in directing the litigation. Any such request must satisfy
certain criteria and be made on or before September 1, 2008. Any member
of the purported class may move the Court to serve as lead plaintiff
through counsel of their choice, or may choose to do nothing and remain
an absent class member.
If you would like to discuss a potential lead plaintiff appointment, or
your rights and interests with respect to the lawsuit, you may contact
Jeffrey A. Berens, Esq. at 1-888-300-3362, 303-861-1764 or via email at
jeff@dyerberens.com.
According to the complaint, on or about November 9, 1992, defendants
began offering shares of the Yield Plus Fund pursuant to an initial
registration statement, filed with the SEC as a Form 485BPOS (the
“Registration Statement”). The complaint alleges that defendants
solicited investors to purchase shares of the Yield Plus Fund by making
statements in the Registration Statement and subsequent supplemental
prospectuses that described the “investment objective” of the SSgA
Yield Plus Fund as investments “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.” As alleged in the complaint,
these statements were materially false and misleading because
defendants did not adequately disclose the risks associated with
investing in the Fund, including, for example, that the Fund was so
heavily invested in high-risk mortgage-related or mortgage-backed
securities.
By June 11, 2007, defendants slowly began lowering the value of the
share price for the Yield Plus Fund. Since then, the value of the Yield
Plus Fund’s share price has been precipitously lowered. By December 12,
2007, the value of the per-share price was reduced to $8.01. The shares
were trading as low as $6.60 at the time of the filing of the complaint
on June 30, 2008.
The law firm of Dyer & Berens LLP focuses on complex class action
litigation on behalf of injured investors throughout the nation. The
firm’s extensive experience in securities litigation, particularly in
cases brought under the Private Securities Litigation Reform Act, has
contributed to the recovery of hundreds of millions of dollars for
aggrieved investors. For more information about the firm, please go to
www.DyerBerens.com.
