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CBRE Realty Finance, Inc. Summary: On December 22, 2008 the plaintiffs entered a notice of voluntary dismissal against the underwriter defendants and filed their Second Amended Complaint against the remaining parties.
First rounds of motions for dismissal were filed on July 29, 2008 by all defendants. The judge entered an order granting in part the defendants' motion, dismissing without prejudice the plaintiffs' section 12 claims. Plaintiffs were given 30 days to file an amended complaint.
The judge ordered related cases to be consolidated, appointed lead plaintiffs, including a union, and approved selection of lead counsel. Plaintiffs filed their First Consolidated Complaint on March 24, 2008. A follow up Corrected Complaint was later filed on May 6. The Consolidated Complaints add CBRE's Chairman of the Board and several Underwriters to the defendants list.
According to a press release dated October 30, 2007, the complaint charges CBRE and certain of its officers and directors with violations of the Securities Act. CBRE is a commercial real estate specialty finance company. The Company primarily focuses on originating, acquiring, investing, financing, and managing a diversified portfolio of commercial real estate related loans and securities in North America.
On or about September 26, 2006, CBRE filed with the SEC a Form S-11/A Registration Statement (the “Registration Statement”), for the IPO. On or about September 29, 2006, the Prospectus (the “Prospectus”) with respect to the IPO, which forms part of the Registration Statement, became effective. The complaint alleges that the Registration Statement and Prospectus failed to disclose that at the time of the IPO more than $20 million in loans on the company’s books were impaired and should have been written down but were not.
The complaint further alleges that on August 6, 2007, CBRE issued a press release announcing its financial results for the second quarter of 2007, the period ending June 30, 2007. The Company reported that it was taking a $7.8 million impairment charge due to a write-down on a foreclosed asset. Following this announcement, the price of CBRE stock declined to $4.25 per share, 70% lower than the IPO price of $14.50, on extremely heavy trading volume.
INDUSTRY CLASSIFICATION:
SIC Code: 6798
Sector: Financial
Industry: Consumer Financial Services
| COMPANY/ISSUER NAME: | CBRE Realty Finance, Inc. |
| COMPANY/ISSUER TICKER: | CBF |
| COMPANY WEBSITE: | http://www.cbrerealtyfinance.com |
| FIRST IDENTIFIED COMPLAINT IN THE DATABASE | |||||||||||||||||
| Philip Hutchinson, et al. v. CBRE Realty Finance, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE FIRST IDENTIFIED COMPLAINT | |||
| Class Action Complaint for Violations of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 10/30/2007 | ||
| Order Appointing Lead Plaintiffs And Approving Selection Of Lead And Liaison Counsel | |||
| Type: Order Appointing LP/LC | Date on the document: 01/24/2008 | ||
| Notice Of Voluntary Dismissal Of Underwriter Defendants Without Prejudice | |||
| Type: Notice | Date on the document: 12/22/2008 | ||
| REFERENCE COMPLAINT | |||||||||||||||||
| Philip Hutchinson, et al. v. CBRE Realty Financie, Inc., et al. | |||||||||||||||||
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| DOCUMENTS FOR THE REFERENCE COMPLAINT | |||
| Amended Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 03/24/2008 | ||
| Corrected Amended Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 05/06/2008 | ||
| Motion To Dismiss Of Defendants CBRE Realty Finance, Inc., Ray Wirtha, Keith Gollenberg And Michael Angerthal | |||
| Type: Motion | Date on the document: 07/29/2008 | ||
| Courtroom Minutes - Civil | |||
| Type: Order | Date on the document: 11/14/2008 | ||
| Second Amended Class Action Complaint For Violations Of Federal Securities Laws | |||
| Type: Complaint | Date on the document: 12/22/2008 | ||
| U.S. District Court Civil Docket | |||
| Type: Docket | Date on the document: 12/29/2008 | ||
| OTHER DOCUMENTS | |||
| Case Name and/or Number: | |||
| Type: | Date on the document: | ||
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