Case Page

 

Case Status:    SETTLED
On or around 10/15/2015 (Date of order of final judgment)

Filing Date: October 23, 2013

According to the law firm press release, the complaint alleges that the Company, its former affiliates Thompson National Properties, LLC, TNP Strategic Retail Advisor, LLC and TNP Securities, LLC, and certain of the Company’s current or former officers and directors violated Sections 11, 12(a)(2) and/or 15 of the Securities Act of 1933. Among other things, 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 January 27, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed an amended complaint on March 13.

On July 29, 2014, the Court issued an Order granting in part and denying in part Defendants' motion to dismiss. The motion was denied as to the Securities Act claims.

On March 27, 2015, the parties filed a Stipulation of Settlement.

COMPANY INFORMATION:

Sector: Financial
Industry: Investment Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol:
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.
COURT: N.D. California
DOCKET #: 13-CV-04921
JUDGE: Hon. Jon S. Tigar
DATE FILED: 10/23/2013
CLASS PERIOD START: 09/23/2010
CLASS PERIOD END: 02/07/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Girard Gibbs LLP (San Francisco)
    601 California Street, Suite 1400, Girard Gibbs LLP (San Francisco), CA 94108
    415.981.4800 415.981.4846 · mail@girardgibbs.com
No Document Title Filing Date
COURT: N.D. California
DOCKET #: 13-CV-04921
JUDGE: Hon. Jon S. Tigar
DATE FILED: 03/13/2014
CLASS PERIOD START: 09/23/2010
CLASS PERIOD END: 02/07/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Girard Gibbs LLP (San Francisco)
    601 California Street, Suite 1400, Girard Gibbs LLP (San Francisco), CA 94108
    415.981.4800 415.981.4846 · mail@girardgibbs.com
  2. Peiffer Rosca Abdullah Carr & Kane LLC
    526 Superior Avenue, Suite 1255, Peiffer Rosca Abdullah Carr & Kane LLC, OH 44114
    216-589-9280 888-411-0038 ·
No Document Title Filing Date