UPDATE: Kaplan Fox Files Class Action to Recover Losses for Investors Who Were Short the Barclays Bank PLC iPath Series B S&P 500 VIX Short-Term Futures ETN (CBOE: VXX) (VXX)

NEW YORK, NY - (NewMediaWire) - May 2, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) and Co-Counsel Sperling & Slater LLC has filed a class action suit in the United States District Court for the Southern District of New York against Barclays PLC, Barclays Bank PLC, James E. Staley, Tushar Morzaria and C.S. Venkatakrishnan (“Defendants”). Click Here to Join the Action.

The Complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission, and is brought by plaintiff on behalf of all persons, corporations and other legal entities who had acquired a short position in VXX due to selling VXX ETNs, selling VXX call options, and/ or buying VXX put options and who held that position as of the close of the market on March 13, 2022, and were damaged thereby. 

If you are a member of the proposed Class, you may move the court no later than May 20, 2024 to serve as a lead plaintiff for the proposed Class.  You need not seek to become a lead plaintiff in order to share in any possible recovery. 

This class action lawsuit concerns unprecedented securities fraud caused by Barclays’s omission to inform investors and the market that it had not implemented any internal controls to monitor the issuances of securities from its shelf registrations, and that it had issued and sold billions of dollars of unregistered securities, including VXX ETNs, in violation of the federal securities registration laws.

Shockingly, Barclays illegally sold over $17 billion of unregistered securities over approximately 18 months. Once its misconduct came to light, Barclays had to suddenly and without warning suspend any further issuances and sales of new VXX ETNs. This suspension of sales, which was announced just before the market opened on March 14, 2022, caused the market price of VXX to skyrocket and investors who were short VXX to suffer substantial losses. 

Plaintiff seeks to recover damages on behalf of the proposed Class and is represented by Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) and Sperling & Slater LLP (sperling-slater.com).  Kaplan Fox, with offices in New York, Oakland, Los Angeles, Chicago, and New Jersey, has decades of experience in prosecuting investor class actions and actions involving violations of the Federal securities laws.  Sperling & Slater has represented clients in cases involving securities laws, corporate acquisitions, director and officer obligations, antitrust claims, intellectual property, trade libel, mass torts, accounting malpractice, environmental cleanups, white collar criminal matters and numerous other types of business disputes.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

If you have any questions about this Notice, the action, your rights, or your interests, or would like a copy of the complaint, please e-mail dhall@kaplanfox.com or call (212) 329-8559, or contact the attorneys below:

Frederic S. Fox

KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(212) 687-1980
E-mail: ffox@kaplanfox.com

Donald R. Hall

KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(212) 329-8559
E-mail: dhall@kaplanfox.com