NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against Farmland Partners, Inc. (NYSE:FPI) (“Farmland Partners” or the “Company”) and other defendants, related to alleged violations of federal securities laws. If you purchased Farmland Partners stock between May 9, 2017 and July 10, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for additional information.
Farmland Partners is a 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.
According to the lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Farmland Partners artificially increased its revenues by making loans to related party tenants; (2) as a result of the foregoing, Farmland Partners’ Class Period revenues were overstated; and (3) 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 on the website Seeking Alpha entitled “Farmland Partners: Loans to Related-Party Tenants Introduce Significant Risk Of Insolvency - Shares Uninvestible.” The report alleged that Farmland Partners artificially increased revenues “by making loans to related-party tenants who round-trip the cash back to FPI as rent and interest revenue.” The Company also “significantly overpaid for properties” and “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, nearly 39%, to close at $5.28 on July 11, 2018, and the price of Farmland Partners Series B preferred stock fell $6.42, or approximately 26%, to close at $18.15 on July 11, 2018.
What You Can Do
If you purchased Farmland Partners shares between May 9, 2017 and July 10, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. Investors have until September 10, 2018, to move for lead plaintiff.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.