Cases
Farmland Partners Inc. (NYSE: FPI)
Securities Class Action
Overview
Overview
- Date:
- 7/12/2018
- Company Name:
- Farmland Partners Inc.
- Stock Symbol:
- FPI
- Status:
- Closed/Complete
- Court:
- U.S. District Court: Eastern District of New York
NEW YORK, July 12, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of all persons or entities who purchased or otherwise acquired Farmland Partners Inc. (NYSE: FPI) securities between May 9, 2017 and July 10, 2018 (the “Class Period”). Investors have until September 10, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Farmland Partners artificially increased its revenues by making loans to related party tenants; (ii) as a result of the foregoing, Farmland Partners Class Period revenues were overstated; and (iii) as a result, Farmland Partners public statements were materially false and misleading at all relevant times.
On July 11, 2018, Rota Fortunae published an online report alleging that Farmland artificially increased revenues by making loans to related-party tenants who round-trip the cash back to FPI as rent and that 30% of [Farmlands] 2017 earnings could be made-up. The report further stated that Farmland neglected to disclose that the majority of its loans have been made to two members of the management team. On this news, the price of Farmland Partners common stock fell $3.37, or 38.96%, to close at $5.28 on July 11, 2018, and the price of Farmland Partners Series B preferred stock fell $6.08, or 24.75%, to close at $18.49 on July 11, 2018.
If you purchased or otherwise acquired Farmland securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Farmland Partners artificially increased its revenues by making loans to related party tenants; (ii) as a result of the foregoing, Farmland Partners Class Period revenues were overstated; and (iii) as a result, Farmland Partners public statements were materially false and misleading at all relevant times.
On July 11, 2018, Rota Fortunae published an online report alleging that Farmland artificially increased revenues by making loans to related-party tenants who round-trip the cash back to FPI as rent and that 30% of [Farmlands] 2017 earnings could be made-up. The report further stated that Farmland neglected to disclose that the majority of its loans have been made to two members of the management team. On this news, the price of Farmland Partners common stock fell $3.37, or 38.96%, to close at $5.28 on July 11, 2018, and the price of Farmland Partners Series B preferred stock fell $6.08, or 24.75%, to close at $18.49 on July 11, 2018.
If you purchased or otherwise acquired Farmland securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.