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Hagens Berman investigating PIMCO Total Return Active ETF

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Hagens Berman Sobol Shapiro is investigating PIMCO Total Return Active ETF and its management company, PIMCO, for possible violations of federal securities laws.

On Monday, 3 August, PIMCO stated that it received a Wells Notice from the staff of the US Securities and Exchange Commission (SEC) that relates to the PIMCO Total Return Active Exchange-Traded Fund (BOND). The notice indicates the staff’s preliminary determination to recommend that the SEC commence a civil action against PIMCO stemming from a non-public investigation relating to BOND.
 
According to PIMCO the matter principally pertains to the valuation of smaller sized positions in non-agency mortgage-backed securities purchased by BOND between its inception on 29 February, 2012 and 30 June, 2012, the fund’s performance disclosures for that period, and the firm’s compliance policies and procedures related to these matters.
 
The SEC’s investigation has been underway for over a year. According to media reports, the SEC’s enforcement division began by examining whether the Fund bought investments at discounted prices but relied on higher valuations for the investments to calculate the value of its holdings, thus misleading investors about the Fund’s performance. If allegations that investors were provided with misleading information about valuation or performance are true and material, then PIMCO may have violated the securities laws.

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