Evergreen Ultra Short Opportunities Fund
The Evergreen Fund, which has four different
classes, A, B, C and I, is a fund that is managed
by Evergreen Investments which is the name
under which Wachovia Corporation operates its
investment management business. Based
upon Klayman & Toskes’ investigation,
investors of the Evergreen Fund were advised
that the investment objective of the Fund was
preservation of capital. Specifically,
within several verbal discussions as well as
the sales material distributed to the investing
public, the Fund was promoted as one that sought “current
income consistent with preservation of capital
and low principal fluctuation.” However,
investors have reported that Wachovia misled
them with regard to the risks associated with
the Fund, as well as the Fund’s exposure
to the subprime mortgage market.
It turns out
that the Fund was not diversified, but instead
was over-concentrated with approximately 72%
of its assets invested in the mortgage industry. Apparently,
the Fund primarily invested in residential
and commercial fixed and variable rate mortgage-backed
securities including collateralized mortgage
obligations (“CMOs”) and other
types of mortgage related securities. As
a result of the high-risk asset allocation
of the Fund, it experienced a decline of about
20% in less than 3 weeks.
Take Action today!
If you sustained losses in this investment or have information relevant to our claims, please contact our law firm.
Click here to file a suit...
