SAN DIEGO, Aug. 18, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired Arbor Realty Trust, Inc. (NYSE: ABR) securities between May 7, 2021 and July 11, 2024. ABR is a nationwide real estate investment trust (“REIT”) and direct lender, providing loan origination and servicing for commercial real estate assets.
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Arbor Reality Trust, Inc. (ABR) Misled Investors Regarding its Operation and Financial Health
According to the complaint, during the class period, defendants provided investors with false and/or materially misleading information concerning ABR’s operational and financial health, including its balance sheet loan book and net interest income. Plaintiff alleges that investors discovered that these statements were false and/or materially misleading over the course of several corrective disclosures. First, on March 14, 2023, NINGI Research published a report on ABR, claiming inter alia that “ABR has been hiding a toxic real estate portfolio of mobile homes with a complex web of real and fake holdings companies for more than a decade.” In response to the report, over several days ABR’s stock price fell from $12.99 per share on March 13, 2023 to $11.53 per share on March 15, 2023.
Next, on December 5, 2023, Viceroy published an in-depth study of ABR’s Jacksonville, FL properties declaring that in an “industry plagued with delusion and bad decisions, ABR stands out as the worst of the worst. Viceroy’s dive into ABR’s CLOs suggest its entire loan book is distressed and underlying collateral is vastly overstated.”
Finally, plaintiff alleges that on July 12, 2024, investor concerns stemming from the NINGI Report and Viceroy Report intensified when Bloomberg reported that ABR was “being probed by federal prosecutors and the Federal Bureau of Investigation in New York.” According to the news report, “[t]he investigators are inquiring about lending practices and the company’s claims about the performance of their loan book.” In response, ABR’s stock price declined from $15.53 per share on July 11, 2024 to $12.89 per share on July 12, 2024.
What Now: You may be eligible to participate in the class action against Arbor Realty Trust, Inc. Shareholders who want to serve as lead plaintiff for the class should contact Robbins LLP. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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| Contact: Aaron Dumas, Jr. Robbins LLP 5060 Shoreham Pl., Ste. 300 San Diego, CA 92122 adumas@robbinsllp.com (800) 350-6003 www.robbinsllp.com | https://www.facebook.com/RobbinsLLP/ https://www.linkedin.com/company/robbins-llp/ |
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