To join this class action, please complete the following Investor Certification.
Farmland Partners, Inc. (NYSE: FPI) Investor Certification
Oklahoma City, OK (July 12, 2018) – On July 11, 2018, a securities class action lawsuit was filed in the United States District Court for the District of Colorado against Farmland Partners, Inc. (NYSE: FPI). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is May 9, 2017 through July 10, 2018. More specifically, this litigation was filed because on July 11, 2018, Rota Fortunae published a report alleging that Farmland artificially increased revenues by making loans to related-party tenants who round-tripped the cash back to Farmland as rent. According to the report, 310% of the Company’s 2017 earnings could be made-up. “We found evidence that strongly supports FPI has significantly overpaid for properties,” Rota Fortunae writes, adding that “under normal circumstances, we estimate FPI is worth $4.85/share, but we think the shares are uninvestible.”
The report also claimed that Farmland neglected to disclose that the majority of its loans were made to two members of its management team. On this news, the price of Farmland Partners common stock fell $3.37, or 38.96%, to close at $5.28 on July 11, 2018.
Plaintiff seeks to recover damages on behalf of all Farmland Partners, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, September 10, 2018 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at rkh@federmanlaw.com