NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today that a class action lawsuit has been filed against Farmland Partners Inc. (“Farmland” or “Company”) (NYSE:FPI) (NYSE:FPI.B) on behalf of investors that acquired Farmland securities between May 9, 2017 and July 10, 2018, inclusive (the “Class Period”), seeking recovery of damages for alleged violations of the federal securities laws. Investors have until September 10, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit 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; and (ii) as a result of the foregoing, Farmland Partners’ Class Period revenues were overstated.
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, shares of Farmland fell from $8.65 on July 10, 2018 to $5.28 on July 11, 2018 (a decline of $3.37, or approximately 39%).
If you acquired shares of Farmland during the Class Period and would like more information about the lawsuit or about claims that you may have, you may contact Thomas W. Elrod, Esq. of Kirby McInerney LLP at (212) 371-6600, or by email at firstname.lastname@example.org, or by filling out the form at the link below to discuss your rights and options without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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