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The Securities and Exchange Commissionh accused the companies of overstatinh the value of a mutual fund that investedf primarilyin mortgage-backed securities, and then only selectivelyh telling shareholders about the fund’s valuation Evergreen neither admits nor denie the allegations. The SEC’s enforcement action againsgt Evergreen andits distributor, , foundf that the value of its Ultrq Short Opportunities Fund, which was consistently ranked as a high performefr in its class in 2007 and 2008, was inflated by as much as 17 percenyt due to Evergreen’s alleged valuation practices.
Had Evergreen properly valued the fund, it woulxd have ranked near the bottom of its category durinfgthis time, the SEC said. Evergreej liquidated the fund inJune 2008. According to the SEC, Evergreejn disclosed the reasons and the likelihood for additional repricings toselect shareholders, who were then able to cash out beforw incurring any additional drop in the valu of their fund Other shareholders were left uninformed, the commission “By picking and choosing to disclose negative information to some investoras and not others, Evergreenb gave certain shareholders an unfair advantage and left others in the says David Bergers, director of the SEC’zs regional office in Boston.
“Evergreen harmed investorsa and prevented them from making informedc decisions by overstating the value of its holdingsin mortgage-backed The $40 million settlement will be distributed to Ultraw Fund shareholders. Evergreen is the brand name undewhich Charlotte-based conducts its investment-management Wachovia was acquired by San Francisco-based (NYSE:WFC) late last Evergreen is being merged with Well s Fargo Asset Management.
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