|[October 23, 2013]
Girard Gibbs LLP and Peiffer Rosca Announce the Filing of a Securities Class Action Lawsuit on Behalf of Purchasers of Strategic Realty Trust, Inc.'s Common Stock in the Company's IPO Between September 23, 2010 and February 7, 2013
SAN FRANCISCO --(Business Wire)--
Girard Gibbs LLP ("Girard Gibbs") and Peiffer Rosca Abdullah & Carr LLC
("Peiffer Rosca") announce that a class action has been commenced in the
United States District Court for the Northern District of California on
behalf of persons and entities who purchased or otherwise acquired
Strategic Realty Trust, Inc.'s common stock in or traceable to the
Company's initial public offering ("IPO") between September 23, 2010 and
February 7, 2013, pursuant to a registration statement and prospectus
filed with the U.S. Securities and Exchange Commission. Prior to August
23, 2013, the Company was known as TNP Strategic Retail Trust, Inc.
If you wish to serve as lead plaintiff, you must move the Court no later
than 60 days from October 23, 2013. If you wish to discuss this action
or have any questions concerning this notice or your rights or
interests, please contact Girard Gibbs attorney John Kehoe at (866)
981-4800 or (415) 981-4800, or via e-mail at firstname.lastname@example.org,
or Peiffer Rosca attorney Alan Rosca at (888) 998-0520, or via email at email@example.com.
The complaint alleges that the Company, its former affiliates Thompson
National Properties, LLC, TNP Strategic Retail Advisor, LLC and TNP
Securities, LLC, and certain of the Company's current or former officers
and directors violated Sections 11, 12(a)(2) and/or 15 of the Securities
Act of 1933. Among other things, the complaint alleges that the offering
materials provided to investors during the IPO contained material
misreprsentations and omissions about the financial health of the
Company and its affiliates and about the performance of earlier real
estate programs sponsored by the Company's affiliates.
On January 16, 2013, the Company revealed that it had defaulted on a $29
million loan that its CEO and Chairman had personally and
unconditionally guaranteed and on its $45 million revolving credit
facility. Then, on August 28, 2013, the Company issued a press release
disclosing that a board-level "Special Committee" had been formed a year
earlier "for the protection of shareholders" after one of the Company's
affiliates was found to be paying fees to itself that had not been
earned; and that its affiliates had defaulted on certain corporate debt
obligations and had sustained significant corporate losses. In the wake
of this disclosure, the Company replaced its CEO and Chairman and
severed its relationship with its affiliates.
If you are a member of this class, you can view a copy of the filed
complaint or join this class action online at http://www.girardgibbs.com/strategic-realty-trust-investor-lawsuit/.
Any member of the putative class may move the Court to serve as lead
plaintiff through counsel of their choice, or may choose to do nothing
and remain an absent class member.
Girard Gibbs LLP is one of the nation's leading firms representing
individual and institutional investors in securities fraud class actions
and litigation to correct abusive corporate governance practices,
breaches of fiduciary duty and proxy violations. For more information,
please access the firm's web site at www.GirardGibbs.com.
Peiffer Rosca, based in Louisiana with an office in Ohio, deals with
complex and difficult legal and business matters, and has developed
expertise in a variety of specialized areas of law to provide innovative
solutions to its clients' various needs. For more information, please
access the firm's website at http://www.praclawfirm.com/.
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