The Rosen Law Firm, a global investor rights law firm, has filed a class action lawsuit against the Easterly ROCMuni High Income Municipal Bond Fund (formerly known as the Principal Street High Income Municipal Fund). The firm alleges that the fund, part of the James Alpha Funds Trust (doing business as Easterly Funds Trust), made misleading statements to investors.
The lawsuit claims that the fund misrepresented the value of its portfolio assets. The firm contends that the fund’s assets were marked at artificially inflated prices, not reflecting their fair market value. This, according to the complaint, was the result of flawed pricing and valuation methodologies.
Further, the lawsuit alleges the fund’s investment in illiquid assets was greater than disclosed in its offering materials. The degree of correlation between the assets and the level of diversification were also allegedly misrepresented.
These alleged misrepresentations, according to the Rosen Law Firm, led to a materially overstated net asset value (NAV) and inaccurate historical performance data. The firm asserts that this carried a significant risk of a sudden and substantial drop in the fund’s share price.
Investors who purchased shares of the Easterly ROCMuni High Income Municipal Bond Fund (RMJAX, RMHVX, RMHIX) between May 5, 2023, and June 12, 2025, are potentially eligible for compensation. The Rosen Law Firm is encouraging these investors to consider their options.
The deadline for investors to apply to be a lead plaintiff in the case is September 22, 2025. A lead plaintiff acts on behalf of the other class members in managing the litigation. The firm emphasizes that participation in any potential recovery is not contingent on serving as lead plaintiff.
Rosen Law Firm highlighted its experience in securities class action litigation, emphasizing its track record of success. The firm stated its commitment to representing investors globally and its history of recovering significant funds for clients. They emphasized that investors should carefully select counsel with a proven record of success in such cases.
Interested investors can contact Phillip Kim, Esq. at 866-767-3653, email case@rosenlegal.com, or visit the Rosen Law Firm’s website for more details. The firm stressed that no class has yet been certified and investors retain the right to choose their own counsel or remain an absent class member. The information provided is considered attorney advertising, and past results do not guarantee similar outcomes.
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