The Shuman Law Firm Investigates Farmland Partners Inc.
March 28 2019 - 11:00AM
Business Wire
The Shuman Law Firm announces that it is investigating potential
shareholder claims against certain officers and directors of
Farmland Partners Inc. (“FPI” or the “Company”) (NYSE: FPI). FPI is
a real estate investment trust (REIT) based in Denver, CO,
specializing in North American farmland properties and loans to
farmers secured with farmland.
If you are a former AFCO shareholder who acquired FPI common
stock pursuant to the February 2017 AFCO acquisition and are
interested in discussing your rights, or have information relating
to this investigation, please contact Kip B. Shuman or Rusty E.
Glenn toll free at (866) 569-4531 or email Mr. Shuman at
kip@shumanlawfirm.com or Mr. Glenn at rusty@shumanlawfirm.com.
In February 2017, FPI completed its stock and cash acquisition
of American Farmland Co. (“AFCO”), another farming REIT, and in
connection therewith issued approximately 14.5 million new shares
of FPI common stock directly to AFCO shareholders as follows: Each
share of AFCO common stock was converted automatically into the
right to receive 0.7417 shares of newly issued FPI common stock
(plus cash in lieu of fractional shares).
On July 11, 2018, analysts with Rota
Fortunae published a report revealing, among other things,
that “FPI is artificially increasing
revenues by making loans to related-party tenants
who round-trip the cash back to FPI as rent,”
that “310% of 2017 earnings could be
made-up,” that “evidence […] strongly supports FPI
has significantly overpaid for properties,” and, moreover, that
“FPI has neglected to disclose that the majority of its
loans have been made to two members of the management team,
including Jesse Hough, CEO Paul Pittman’s long-time business
partner.” On this news, FPI’s stock fell over 38% (or
$3.37 per share) to close at $5.28 per share on July 11, 2018.
The Shuman Law Firm represents investors throughout the nation,
concentrating its practice in stockholder litigation.
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version on businesswire.com: https://www.businesswire.com/news/home/20190328005186/en/
The Shuman Law FirmKip B. Shuman, Esq.Rusty E. Glenn, Esq.One
Montgomery Street, Ste. 1800San Francisco, CA 94104Tel:
866.569.4531Fax: 303.536.7849Email: kip@shumanlawfirm.comEmail:
rusty@shumanlawfirm.comWeb: www.shumanlawfirm.com
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