Current Report Filing (8-k)
June 23 2020 - 6:03AM
Edgar (US Regulatory)
0001327068
false
0001327068
2020-06-23
2020-06-23
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
June 23, 2020
UNITED STATES OIL FUND, LP
(Exact name of registrant as specified in its
charter)
Delaware
|
001-32834
|
20-2830691
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(I.R.S. Employer Identification No.)
|
1850 Mt. Diablo Boulevard, Suite 640
Walnut
Creek, California 94596
(Address of principal executive offices) (Zip
Code)
(510) 522-9600
Registrant’s telephone number, including area
code
Not Applicable
(Former name or former address, if changed since
last report)
Securities registered pursuant to Section
12(b) of the Act:
Title of each class:
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered:
|
Shares of United States Oil Fund, LP
|
|
USO
|
|
NYSE Arca, Inc.
|
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
☐ Written
communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
United States Oil Fund, LP (“USO”) was named as a defendant
in a purported stockholder class action on June 19, 2020 by Robert Lucas, individually and on behalf of others similarly situated,
against defendants USO, United States Commodity Funds LLC, John P. Love and Stuart P. Crumbaugh. The stockholder class action is
pending in the U.S. District of Southern District of New York as Civil Action No. 1:20-cv-04740.
The putative class action complaint alleges that beginning in March
2020, in connection with USO’s registration and issuance of additional USO shares, defendants failed to disclose to investors
certain extraordinary market conditions and the attendant risks that caused the demand for oil to fall precipitously, including
the COVID-19 global pandemic and the Saudi Arabia-Russia oil price war. Plaintiff alleges that defendants possessed inside knowledge
about the consequences of these converging adverse events on USO and did not sufficiently acknowledge them until late April and
May 2020, after USO suffered losses and was allegedly forced to abandon its investment strategy. The complaint seeks to certify
a class and award the class compensatory damages at an amount to be determined at trial. The defendants believe the claims are
without merit and intend to vigorously contest such claims.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
|
UNITED STATES OIL FUND, LP
|
|
By:
|
United States Commodity Funds LLC, its general partner
|
|
|
|
|
|
|
Date: June 23, 2020
|
By:
|
/s/ John P. Love
|
|
Name:
|
John P. Love
|
|
Title:
|
President and Chief Executive Officer
|
United States Oil (AMEX:USO)
Historical Stock Chart
From Jun 2024 to Jul 2024
United States Oil (AMEX:USO)
Historical Stock Chart
From Jul 2023 to Jul 2024