NEW YORK, May 20, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Whitestone REIT (“Whitestone” or the “Company”) (WSR) of the June 17, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Whitestone stock or options between May 9, 2018 and February 27, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/WSR. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of Texas on behalf of all those who purchased Whitestone securities between May 9, 2018 and February 27, 2019 (the “Class Period”). The case, Clark v. Whitestone REIT et al., No. 4:19-cv-01379 was filed on April 16, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing 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.
On February 27, 2019, after the market close, Whitestone filed a Form 8-K with the SEC under item 4.02(a) for non-reliance on previously issued financial statements.
On this news, the Company's price per common share of beneficial interest fell from $14.25 per share on February 27, 2019 to $13.01 per share on February 28, 2019--a $1.24 or 8.70% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Whitestone’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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