Zamansky LLC Investigates The Third Avenue Focused Credit Institutional Fund (TFCIX) and Investor Fund (TFCVX) For Potential Securities Fraud Violations
Dec 19, 2015
New York, New York: Zamansky LLC announces that it is investigating the Third Avenue Focused Credit Institutional Fund (TFCIX) and Investor Fund (TFCVX) for potential securities fraud violations. The Third Avenue Focused Credit Fund is a high yield and distressed debt mutual fund that is registered under the Investment Company Act of 1940. It is managed by Third Avenue Management LLC, headquartered in New York, New York, and has both retail and institutional share classes.
On December 9, 2015, shareholders in the Third Avenue Focused Credit Fund received a letter notifying them that the Board of Trustees had decided to liquidate the fund and put the assets into a liquidating trust. The stated reason was that under the present market environment it would be impractical for the fund to meet investor redemptions. The letter did not give a specific time-line for the completion of its liquidation.
On December 14, 2015, the Wall Street Journal reported that the Securities and Exchange Commission is reviewing the Third Avenue Focused Credit Fund’s liquidation. According to Jake Zamansky, securities fraud attorney, this liquidation of the Third Avenue Focused Credit Fund raises issues over potential securities fraud. Investors had the right to expect that they were investing in a liquid and freely sellable fund, and this sudden liquidation is not what any investors expected, Zamansky states.
What Investors In TFCIX and TFCVX Can Do
If you are an investor in the Third Avenue Focused Credit Funds –either the institutional fund TFCIX or the investor fund TFCVX, and wish to have your investment reviewed or to discuss your legal rights, you may, without obligation or cost to you, email jake@zamansky.com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm specializing in securities, hedge fund and ERISA class action litigation, and FINRA securities arbitration. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.
Contact:
Zamansky LLC
50 Broadway – 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414
jake@zamansky.com
