Faruqi & Faruqi Reminds Arbor Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of September 30, 2024 - ABR
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Arbor To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 investing in Arbor stock or options between May 7, 2021 and July 11, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Arbor Realty Trust, Inc. ("Arbor" or the "Company") (NYSE: ABR) and reminds investors of the September 30, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: During the Class Period, Defendants provided investors with false and/or materially misleading information concerning ABR's operational and financial health, including its balance sheet loan book and net interest income. Over the course of several months, shareholders learned the truth when first, on March 14, 2023, and then again, on December 5, 2023, investment firms published research reports concerning ABR's real estate portfolio and accusing the Company of hiding toxic assets. On July 12, 2024, Bloomberg reported that federal prosecutors and the Federal Bureau of Investigation were probing ABR over its lending practices and the value of its loan book. In connection with these disclosures, the price of ABR's stock has declined substantially causing damages to investors, including most recently the decline from $15.53 per share to $12.89 per share following the Bloomberg report.
Reuters published an article on July 12, 2024, entitled "U.S. DOJ probing Arbor Realty over loan practices, Bloomberg report." This article stated that "Arbor Realty Trust is being probed by federal prosecutors and the Federal Bureau of Investigation in New York months after short sellers attacked the lender's practices and disclosures, Bloomberg News reported on Friday." It further stated that in "2023, short sellers, including Viceroy Research and NINGI Research, published reports alleging that Arbor Realty Trust, which invests in a diversified portfolio of structured finance assets, had a distressed loan book. Viceroy Research claimed that Arbor's underlying collateral for the loans is vastly overstated, adding that the loans do not qualify for refinancing anywhere and are nearing maturity. NINGI Research accused the company of concealing a 'toxic' real estate portfolio of mobile homes with 'a complex web' of real and fake holding companies for over a decade."
Following this news, the price of Arbor stock dropped over 17% the same day.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Arbor's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Arbor class action, go to www.faruqilaw.com/ABR or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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SOURCE Faruqi & Faruqi, LLP
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