NEW YORK, Nov. 20, 2017 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of AB Select US Long/Short Portfolio (“AB Select” or the “Fund” or the “Company”) (NASDAQ: ASLAX; ASYLX; ASCLX; ASILX; ASLKX; ASRLX). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether the Fund’s manager has engaged in securities fraud or other unlawful business practices.
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On November 19, 2017, The Wall Street Journal reported that “a review of more than three dozen mutual fund and exchange-traded fund advertisements found at least eight [advertisements] were inaccurate,” either containing misleading language or reflecting ratings from the fund rating service Morningstar Inc. (“Morningstar”) that were out-of-date. Regarding AB Select, the article reported that “asset manager AllianceBernstein cited star ratings from September 2016 in Private Wealth Magazine last spring and in a handout at Morningstar’s April conference. But two of the fund ratings it advertised had fallen by the time the advertisements ran.”
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
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SOURCE Pomerantz LLP