Company: MGLD
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001493152-25-021259
Chunk: 19

Company: Marygold Companies, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
 USCF LLC are not currently party to any material legal
proceedings.

In
re: United States Oil Fund, LP Securities Litigation

On
June 19, 2020, USCF LLC, USO, John P. Love, and Stuart P. Crumbaugh, were named as defendants in a putative class action filed by purported
shareholder Robert Lucas (the “Lucas Class Action”). The Court thereafter consolidated the Lucas Class Action with two related
putative class actions filed on July 31, 2020 and August 13, 2020, and appointed a lead plaintiff. The consolidated class action is pending
in the U.S. District Court for the Southern District of New York under the caption In re: United States Oil Fund, LP Securities Litigation,
Civil Action No. 1:20-cv-04740.

    16

On
November 30, 2020, the lead plaintiff filed an amended complaint (the “Amended Lucas Class Complaint”). The Amended Lucas
Class Complaint asserts claims under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934 as amended (“Securities
Exchange Act”), and Rule 10b-5 under the Securities Exchange Act. The Amended Lucas Class Complaint challenges statements in registration
statements that became effective on February 25, 2020 and March 23, 2020 as well as subsequent public statements through April 2020 concerning
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. The Amended Lucas Class Complaint purports to have been brought by an investor
in USO on behalf of a class of similarly-situated shareholders who purchased USO securities between February 25, 2020 and April 28, 2020
and pursuant to the challenged registration statements. The Amended Lucas Class Complaint seeks to certify a class and to award the class
compensatory damages at an amount to be determined at trial as well as costs and attorney’s fees. The Amended Lucas Class Complaint
named as defendants USCF LLC, USO, John P. Love, Stuart P. Crumbaugh, Nicholas D. Gerber, Andrew F Ngim, Robert L. Nguyen, Peter M. Robinson,
Gordon L. Ellis, and Malcolm R. Fobes III, as well as the marketing agent, AL