Pomerantz Law Firm Announces the Filing of a Class Action against Farmland Partners Inc. and Certain Officers – FPI; FPI.B
NEW YORK, July 11, 2018 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Farmland Partners Inc. (“Farmland” or the “Company”) (NYSE:FPI) (NYSE:FPI.B) and certain of its officers. The class action, filed in United States District Court, District of Colorado, and docketed under index 18-cv-01771, is on behalf of a class consisting of investors who purchased or otherwise acquired publicly traded Farmland Partners securities between May 9, 2017, through July 10, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Farmland securities from May 9, 2017, to July 10, 2018, you have until September 10, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Farmland Partners is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. Farmland purports to own or have under contract over 166,000 acres in 17 states.
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 [Farmland’s] 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.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.