STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Colony NorthStar, Inc. (NYSE: CLNS) (“Colony NorthStar” or the “Company”) securities during the period between February 28, 2017 through March 1, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until June 5, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Colony NorthStar securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Colony NorthStar’s Healthcare and Investment Management segments were performing worse than reported.
According to the complaint, following a March 1, 2018 announcement of a goodwill impairment of $375 million attributable to the Investment Management segment and disappointing performance due to challenging industry conditions in healthcare, the value of Colony NorthStar shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Colony NorthStar securities purchased on or after February 28, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.