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Robbins Arroyo LLP: Complaint Alleges that Whitestone REIT (WSR) Misled Shareholders

SAN DIEGO & HOUSTON--(BUSINESS WIRE)--

Shareholder rights law firm Robbins Arroyo LLP reminds investors that a purchaser of Whitestone REIT filed a class action complaint against Whitestone REIT (WSR) for alleged violations of the Securities Exchange Act of 1934 between May 9, 2018 and February 27, 2019. Whitestone is real estate investment trust that owns and operates commercial properties in Texas, Arizona, and Illinois.

View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/whitestone-reit-may-19/

Whitestone Accused of Misleading Investors

According to the complaint, since May 2018, Whitestone attested to the accuracy of its financial statements, effectiveness of internal controls, and the disclosure of all fraud. However, the truth was revealed in February 2019 when Whitestone announced 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. Specifically, Whitestone cited certain accounting errors relating to nonfinancial assets. On this news, over the course of two trading days, Whitestone’s price per common share of beneficial interest declined from a close of $14.25 on February 27, 2019, to a close of $13.01 on February 28, 2019. The next day, the stock continued to plummet, to close at $12.18 on March 1, 2019, an overall drop of over 14 percent. The stock has yet to recover.

Whitestone Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, lkandinov@robbinsarroyo.com or via the shareholder information form on the firm's website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com: https://www.businesswire.com/news/home/20190528005785/en/