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Farmland Partners Inc (NYSI: FPI) Investor Securities Class Action Lawsuit 07/11/2018

  • If you purchased shares of Farmland Partners Inc (NYSI: FPI), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Security
NYSE: FPI

Case Name
Farmland Partners Shareholder Class Action Lawsuit 07/11/2018
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Colorado

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

June 18, 2019 - The court denied the defendants' motion to dismiss.

April 15, 2019 - A motion to dismiss the amended complaint was filed.

March 11, 2019 - An amended complaint was filed.

July 11, 2018 - An investor in shares of Farmland Partners Inc (NYSI: FPI) filed a lawsuit in the U.S. District Court for the District of Colorado over alleged violations of Federal Securities Laws by Farmland Partners Inc in connection with certain allegedly false and misleading statements made between May 9, 2017 and July 10, 2018.

Denver, CO based Farmland Partners Inc 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.

On July 11, 2018, a report was published alleging that Farmland Partners Inc (NYSI: FPI) 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 Farmland Partners Inc’s 2017 earnings could be made-up. The report further stated that, “[w]e found evidence that strongly supports FPI has significantly overpaid for properties; under normal circumstances, we estimate FPI is worth $4.85/share, but we think the shares are un-investible.”

Shares of Farmland Partners Inc (NYSI: FPI) declined from over $9 per share in late June 2018 to as low as $5.15 per share on July 11, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Farmland Partners Inc (NYSI: FPI) common shares between May 9, 2017 and July 10, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 9, 2017 and July 10, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Farmland Partners Inc artificially increased its revenues by making loans to related party tenants, that as a result of the foregoing, Farmland Partners Inc’s Class Period revenues were overstated, and that as a result, Farmland Partners’ public statements were materially false and misleading at all relevant times.