RADNOR, Pa.--(BUSINESS WIRE)--Kaskela Law LLC announces that a shareholder class action complaint has been filed against Farmland Partners Inc. (NYSE: FPI) (NYSE: FPI-PB) (“Farmland” or the “Company”) on behalf of certain investors who purchased the Company’s securities between May 9, 2017 and July 10, 2018, inclusive (the “Class Period”).
IMPORTANT DEADLINE: Investors who purchased Farmland’s common or preferred stock during the Class Period may, no later than September 10, 2018, seek to be appointed as a lead plaintiff representative of the investor class. Farmland investors are encouraged to contact Kaskela Law LLC (David Seamus Kaskela, Esq.) at (484) 258 – 1585 or (888) 715 – 1740 and/or submit their information online at http://kaskelalaw.com/case/farmland-partners/.
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.” The report further detailed that “[w]e found evidence that strongly supports [Farmland] has significantly overpaid for properties; under normal circumstances, we estimate [Farmland] is worth $4.85/share, but we think the shares are un-investible.” Additionally, the report stated that Farmland has “neglected to disclose that the majority of its loans have been made to two members of the management team.” Following this report, Farmland’s common stock fell $3.37 per share (39%) and its preferred shares fell $6.08 per share (25%).
The shareholder class action complaint alleges that defendants made false and misleading statements and/or failed to disclose to investors that: (i) Farmland artificially increased its revenues by marking loans to related party tenants and (ii) Farmland’s Class Period revenues were overstated. The complaint further alleges that, as a result of the foregoing, investors purchased Farmland’s securities at artificially inflated prices during the Class Period and sustained significant investment losses.
Farmland investors are encouraged to contact Kaskela Law LLC and/or submit their information online at http://kaskelalaw.com/case/farmland-partners/. Kaskela Law LLC exclusively represents investors in state and federal courts throughout the country. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.