Farmland Partners Inc. (NYSE: FPI)
A class action lawsuit has been filed in the United States District Court for the District of Colorado on behalf of those who purchased shares of Farmland Partners Inc. (NYSE: FPI), during the period between May 9, 2017 and July 10, 2018 (the "Class Period").
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.
If you are a current shareholder and/or purchased stock between May 9, 2017 and July 10, 2018 and would like to discuss your options of exercising your rights as a shareholder, please contact us.
Please submit the following information so we can determine if you qualify for the suit. If you don't know all the specific details, partial information is also acceptable.
Please Note: Neither the submission to nor the receipt of information by The Law Offices of Marc S. Henzel or one of its attorneys through this website constitutes an agreement by the firm to represent the individual and does not create an attorney-client relationship.