New Farmland Class Action: Bernstein Liebhard LLP Announces That It Has Filed A New Securities Class Action Lawsuit Against Farmland Partners Inc. Expanding The Relevant Class Period - FPI, FPI-PB
NEW YORK, Aug. 17, 2018 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that it has filed a new securities class action lawsuit on behalf of those who purchased or acquired the securities of Farmland Partners Inc. ("Farmland" or the "Company") (NYSE: FPI; FPI-PB) between March 16, 2016 and July 10, 2018, both dates inclusive (the "Class Period"). The lawsuit, which expands the class period asserted in the recent lawsuit filed against the Company concerning the revelations made by the Rota Fortunae report, seeks to recover Farmland shareholders' investment losses.
To join the Farmland class action, and/or to discuss your legal rights and options, please visit Farmland Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose: (1) that Farmland artificially increased revenues by making loans to related-party tenants who round-tripped the cash back to Farmland as rent; (2) that as a result, Farmland's earnings during fiscal year 2017 were materially overstated; (3) the true extent and effect of Farmland's non-arm's length transactions; and (4) as a result, Defendants' statements about the Company's business, operations and prospects were materially false and misleading and/or lacked reasonable bases 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.
The new class action is pending in the United States District Court for the District of Colorado, under docket number 1:18-cv-02104. 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 [email protected].
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
[email protected]
SOURCE Bernstein Liebhard LLP
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