Toyota’s Surprise CEO Change Signals Strategic Shift Amid Global Auto Turmoil 
Instagram Outage Disrupts Thousands of U.S. Users 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Global PC Makers Eye Chinese Memory Chip Suppliers Amid Ongoing Supply Crunch 
Uber Ordered to Pay $8.5 Million in Bellwether Sexual Assault Lawsuit 
SoftBank Shares Slide After Arm Earnings Miss Fuels Tech Stock Sell-Off 
Once Upon a Farm Raises Nearly $198 Million in IPO, Valued at Over $724 Million 
Sony Q3 Profit Jumps on Gaming and Image Sensors, Full-Year Outlook Raised 
SpaceX Prioritizes Moon Mission Before Mars as Starship Development Accelerates 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
American Airlines CEO to Meet Pilots Union Amid Storm Response and Financial Concerns 
Amazon Stock Rebounds After Earnings as $200B Capex Plan Sparks AI Spending Debate 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Nvidia CEO Jensen Huang Says AI Investment Boom Is Just Beginning as NVDA Shares Surge 
Washington Post Publisher Will Lewis Steps Down After Layoffs 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
 - EconoTimes)
NEW YORK, Jan. 29, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Third Avenue Focused Credit Fund (“Third Avenue,” the “Company” or the “Fund”) (Nasdaq:TFCIX) (Nasdaq:TFCVX) in the United States District Court for the Central District of California on behalf of a class consisting of all persons or entities who purchased the Third Avenue stock from March 1, 2013 to December 10, 2015. This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Act of 1933 (the “Securities Act”).
The Complaint alleges that, in violation of the Securities Act of 1933, the prospectuses and registration statements of this fixed income mutual fund contained material false or misleading statements regarding its liquidity. According to the Complaint, Third Avenue promised investors that it would place no more than 15% of its assets in illiquid securities, securities that could not be sold promptly at or near its carrying value. The Complaint alleges that an analysis of the Fund’s holdings in 2013, 2014, and 2015 has revealed that the Fund consistently held more than 15% of its net assets in illiquid securities. According to the Complaint, the Fund’s excessive illiquidity meant that it could not promptly sell assets to meet growing redemptions without unloading them at fire sale prices, leading it to suspend redemptions and shut down the Fund on December 10, 2015.
If you wish to serve as lead plaintiff, you must move the Court no later than March 29, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
