TNP Strategic Retail Trust Inc. Securities Litigation
On or around 10/22/2013 (Notice of voluntarily dismissal)
Filing Date: September 23, 2013
According to the law firm press release, the complaint alleges that the offering materials provided to investors during the IPO contained material misrepresentations and omissions about the financial health of the Company and its affiliates and about the performance of earlier real estate programs sponsored by the Company’s affiliates.
On January 16, 2013, the Company revealed that it had defaulted on a $29 million loan that its CEO and Chairman had personally and unconditionally guaranteed and on its $45 million revolving credit facility. Then, on August 28, 2013, the Company issued a press release disclosing that a board-level “Special Committee” had been formed a year earlier “for the protection of shareholders” after one of the Company’s affiliates was found to be paying fees to itself that had not been earned; and that its affiliates had defaulted on certain corporate debt obligations and had sustained significant corporate losses. In the wake of this disclosure, the Company replaced its CEO and Chairman and severed its relationship with its affiliates.
On October 22, 2013, the Plaintiff filed a Notice voluntarily dismissing this case.
Company & Securities Information
Defendant: TNP Strategic Retail Trust Inc.
Industry: Investment Services
Headquarters: United States
Company Market: Privately Traded
Market Status: Privately Held
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Stephen Drews, et al. v. TNP Strategic Retail Trust Inc., et al.