<I'm beginning to explore a class action against the BoD and management for their clear breach of fiduciary responsibility and misleading of investors. My intent is to begin proceedings no later than September 3. Any other investors interested in joining the class, please post here.>
I understand your frustration but I don't see how you can sue the company simply based on where the stock is trading, without definitive bad news from the company. It appears their most recent earnings report was pretty decent, among the best of all these Specialty REITs that I've seen. You can't blame Mgmt simply because the market is not giving them credit.
Sorry but I don't see the point of distracting Mgmt from running the business and lining the pockets of lawyers because the stock is sagging in an environment when everybody is worried about financials most notably FNM, FRE, LEH, etc. Just about every other CRE REIT has gotten pounded, not just JRT. I just don't see the basis for a lawsuit unless the company comes out with some horrific news. And especially since Roberts has been buying the stock in the open market.
Full Disclosure: I don't currently own the stock but I'm looking to reenter. I previously traded this between $9 and $13 late last year.
I don't know if you work for JRT, but you've have to be living in denial if you don't think that Roberts and his cronies haven't been misleading us. The reality is that they have had to BORROW money just to keep afloat, and they have mislead shareholders about their financial stability. I'm happy to pay a lawyer a percentage of a settlement to get the attention of this incompetent BoD and management. At the rate the stock price is going, there won't be much left anyway. And as for Roberts buying shares, BS. He has bought as much as he's allowed, and I don't see any of the BoD loading up. So to suggest that he is doing something to shore up the stock price is just plain stupid.
I'll take my chances with the class action suit. My lawyer tells me we'll end up with more than just watching this stock implode on a daily basis.
Smooth, I think when people start threatening a first class shop like JRT and malign Joe Roberts (who has far more to lose than yahoos on message board) we could be close to the bottom, at least from a sentiment standpoing. This cycle is truly nasty. Anyway, I am long 500 shares with $7.95 cost base and the benefit of a $0.30 divy. I previously traded JRT profitably and collected $1.10 divy at the begin year. Deep