BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Whitestone REIT (“Whitestone” or the “Company”) (NYSE: WSR) securities between May 9, 2018 and February 27, 2019, inclusive (the “Class Period”). Whitestone investors have until June 17, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Whitestone investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On February 27, 2019, after the market closed, the Company revealed that its 2018 financial results for the periods ending March 31, June 30, and September 30 could no longer be relied upon and would be restated, based on a review by auditing committee of Whitestone’s board of trustees.
On this news, shares of Whitestone fell $1.24 per share, or over 8%, to close at $13.01 on February 28, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal control over financial reporting; (2) Whitestone was incorrectly recognizing assets and liabilities associated with its contribution to Pillarstone Capital REIT Operating Partnership LP; (3) the Company's financial statements for the fiscal year 2018 were overstating revenues; (4) the Company's financial statements for the fiscal year 2018 could no longer be relied upon; and (5) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
If you purchased shares of Whitestone, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at www.howardsmithlaw.com.
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