FPI Shareholder Class Action: Bernstein Liebhard LLP Announces That A Securities Class Action Lawsuit Has Been Filed Against ...

Date : 07/11/2018 @ 7:28PM
Source : PR Newswire (US)
Stock : Farmland Partners Inc. (FPI)
Quote : 6.68  -0.12 (-1.76%) @ 12:05AM
Farmland Partners Inc. share price Chart

FPI Shareholder Class Action: Bernstein Liebhard LLP Announces That A Securities Class Action Lawsuit Has Been Filed Against ...

Farmland Partners Inc. (NYSE:FPI)
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3 Months : From Jun 2018 to Sep 2018

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NEW YORK, July 11, 2018 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Farmland Partners Inc. ("Farmland" or the "Company") (NYSE: FPI; FPI-PB) between May 9, 2017 and July 10, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover Farmland shareholders' investment losses.

Bernstein Liebhard LLP.  (PRNewsFoto/Bernstein Liebhard LLP) (PRNewsfoto/Bernstein Liebhard LLP)

To join the Farmland class action, and/or to discuss your legal rights and options, please visit please visit Farmland Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.

According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that: (1) Farmland artificially increased its revenues by making loans to related party tenants; (2) as a result of the foregoing, Farmland's Class Period revenues were overstated; and (3) as a result, Farmland's public statements were materially false and misleading at all relevant times.

On July 11, 2018, Rota Fortunae published a report stating, among other things, that "FPI is artificially increasing revenues by making loans to related-party tenants who round-trip the cash back to FPI as rent; 310% of 2017 earnings could be made-up." The report further stated that "FPI has neglected to disclose that the majority of its loans have been made to two members of the management team, including Jesse Hough, CEO Paul Pittman's long-time business partner," and "[w]e found evidence that strongly supports FPI has significantly overpaid for properties."

On this news, Farmland's stock fell $3.37 per share, or over 38%, from its previous closing price to close at $5.28 per share on July 11, 2018, damaging investors.

If you wish to serve as lead plaintiff, you must move the Court no later than September 10, 2018. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.

To join the Farmland class action, and/or to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/farmland-partners-inc-fpi-class-action-lawsuit-73/ or contact Daniel Sadeh toll free at (877) 779-1414 or dsadeh@bernlieb.com.

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.

ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin.  Prior results do not guarantee or predict a similar outcome with respect to any future matter.

Contact Information
Daniel Sadeh
Bernstein Liebhard LLP
http://www.bernlieb.com
(877) 779-1414
dsadeh@bernlieb.com

 

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SOURCE Bernstein Liebhard LLP

Copyright 2018 PR Newswire

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