According to the Complaint, Gramercy Property Trust ("GPT" or the "Company") is a REIT, which is an investor and asset manager of commercial real estate. The Company is engaged in acquiring and managing single-tenant, net leased industrial, office, and specialty properties. The Company earns revenues through rental revenues on properties that it owns in the United States and asset management revenues on properties owned by third parties in the United States and Europe.

On May 7, 2018, GPT issued a press release to announce the Proposed Transaction, under which Blackstone Real Estate Partners VIII will acquire all outstanding common shares of GPT for $27.50 per share in an all-cash transaction valued at $7.6 billion.

The Complaint alleges that on June 11, 2018, the Board authorized the filing of a materially incomplete and misleading preliminary Proxy Statement with the Securities and Exchange Commission, in violation of Sections 14(a) and 20(a) of the Exchange Act. Specifically, the Proxy Statement contains materially incomplete and misleading information concerning the valuation analyses performed by the Company’s financial advisor, Morgan Stanley & Co. LLC, in support of their fairness opinion.

This case was voluntarily dismissed on September 4, 2018. A related case continues under Docket 18-CV-02711 in the District of Maryland.

On February 7, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. On April 25, Defendants filed Motions to Dismiss the Complaint. On December 4, the Court issued an Order granting Defendants' Motions to Dismiss, dismissing the case with prejudice.