LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of Third Avenue Focused Credit Institutional Fund (TFCIX) and Third Avenue Focused Credit Investor Fund (TFCVX) (“Third Avenue” or the “Company”) who purchased securities between March 1, 2013 and December 10, 2015, inclusive (the “Class Period”). Investors who have suffered losses on their investment in Third Avenue securities are encouraged to contact GPM to discuss their legal rights in this class action.
The complaint alleges that the Company made materially false and misleading statements, or otherwise breached its fiduciary duties to investors, concerning Third Avenue’s liquidity and ability to handle volatile market conditions coupled with investor redemptions. While the Company informed investors that no more than 15% of its assets would be held in illiquid investments, the Company in fact consistently held a high percentage of its assets in illiquid investments, thereby exposing Third Avenue investors to undisclosed risks. Investors were damaged when declining asset prices and customer redemptions caused Third Avenue to suspend customer redemptions and place the fund’s assets in a liquidating trust.
Third Avenue investors have until March 29, 2016 to move the Court to appoint you as lead plaintiff if you meet certain legal requirements. If you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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