On or around 06/18/2019 (Ongoing date of last review)
Filing Date: July 11, 2018
Plaintiff's law firm issued a press release on July 11, 2018. According to the press release, Farmland Partners is an internally managed real estate company that owns and seeks to acquire high-quality North American farmland and makes loans to farmers secured by farm real estate. Farmland purports to own or have under contract over 166,000 acres in 17 states.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Farmland Partners artificially increased its revenues by making loans to related party tenants; (ii) as a result of the foregoing, Farmland Partners’ Class Period revenues were overstated; and (iii) as a result, Farmland Partners’ public statements were materially false and misleading at all relevant times.
This case was voluntarily dismissed on November 13, 2018. A related case continues under Docket 18-CV-02104.
On December 3, 2018, the court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 11, 2019. On April 15, Defendants filed a Motion to Dismiss the amended Complaint. The Court issued an Order denying the Motion to Dismiss on June 18.
Company & Securities Information
Defendant: Farmland Partners Inc.
Industry: Misc. Financial Services
Headquarters: United States
Ticker Symbol: FPI
Company Market: New York SE
Market Status: Public (Listed)
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
Alexander Kachmar, et al. v. Farmland Partners Inc., et al.