Another law firm is taking aim at ProShares Trust. New York-based Bernstein Liebhard LLP has filed suit against the mutual fund advisor for allegedly failing to inform shareholders in its ProShares DUG fund of potential excess losses when shares were held for more than one day.

Lawyers at the firm also said that they are invetigating possible claims against the remainder of ProShares leveraged funds.

The issue at the heart of the suit is the allegation that ProShares should have informed shareholders that there was a risk the fund's performance could fail to track the performance of its underlying benchmark if the shares were held for more than a day.

Bernstein Liebhard claims that the failure to disclose the possibility violated the Securities Act of 1933. 

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