RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Farmland Partners Inc. (“FPI” or the “Company”) (NYSE: FPI) publicly traded securities between May 9, 2017, to July 10, 2018, inclusive (the “Class Period”).
FPI shareholders may, no later than September 10, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of FPI and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
FPI 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. As of the date of this release, the Company owns or has under contract over 166,000 acres in 17 states, including Alabama, Arkansas, California, Colorado, Florida, Georgia, Illinois, Kansas, Louisiana, Michigan, Mississippi, Nebraska, North Carolina, South Carolina, South Dakota, Texas and Virginia.
The complaint alleges that Farmland made false and/or misleading statements and/or failed to disclose that: (i) the Company artificially increased its revenues by making loans to related party tenants; (ii) as a result of the foregoing, revenues were overstated; and (iii) as a result, Farmland Partners’ public statements were materially false and misleading.
On July 11, 2018, Rota Fortunae published an article alleging that Farmland artificially increased revenues “by making loans to related-party tenants who round-trip the cash back to FPI as rent.” According to the report, 310% of the Company’s 2017 earnings could be made-up.
“We found evidence that strongly supports FPI has significantly overpaid for properties,” Rota Fortunae writes, adding that “under normal circumstances, we estimate FPI is worth $4.85/share, but we think the shares are un-investible.”
On this news, FPI stock plunged over 35%.
If you are a member of the class, you may, no later than September 10, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed 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. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.