Farmland Partners, Inc. (NYSE: FPI)
Hagens Berman Sobol Shapiro LLP alerts investors in Farmland Partners, Inc. (NYSE: FPI) to the September 10, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of Colorado.
If you purchased or otherwise acquired shares of PFI between between May 9, 2017 and July 10, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing FPI@hbsslaw.com.
On July 11, 2018, SeekingAlpha published a contributor’s report concluding (1) Farmland Partners artificially increased revenues by making loans to related-party tenants who round-trip the cash back to the Company as rent, and (2) the Company and management did not disclose that the majority of loans were made to two members of its management team.
News of this report drove the price of Farmland common shares down $3.37, or about 39%, to close at $5.28 that day. The price of Farmland Series B preferred shares fell $6.42, or nearly 25%, to close at $18.15 that day.
“We’re focused on investors’ losses, Defendants’ disclosures about related-party transactions, and whether Defendants recognized and reported revenues consistent with GAAP,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Farmland Partners should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FPI@hbsslaw.com.
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