RADNOR, Pa., July 13, 2018 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the District of Colorado against Farmland Partners Inc. (“Farmland”) on behalf of purchasers of either Farmland common stock (NYSE: FPI ) or preferred securities (NYSE:FPI-PB) between May 9, 2017 and July 10, 2018 , inclusive (the “Class Period”).
Important Deadline Reminder: Investors who purchased Farmland securities during the Class Period may, no later than September 10, 2018 , seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/farmland-partners-inc#join .
According to the complaint, Farmland is an internally managed 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.
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 Farmland made loans to related party tenants to artificially increase its revenues and as a result, Farmland's revenues during the Class Period were overstated and its 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."
Following this news, the price of Farmland common stock dropped more than 38%, and the price of Farmland Series B preferred stock fell more than 24%.
If you wish to discuss this securities fraud class action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299–7706 or (610) 667–7706, or via e-mail at info@ktmc.com .
Farmland investors may, no later than September 10, 2018 , seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com .
CONTACT:
Kessler Topaz Meltzer & Check, LLP James Maro, Jr., Esq. Adrienne Bell, Esq. 280 King of Prussia Road Radnor, PA 19087 (888) 299-7706 (610) 667-7706 info@ktmc.com
