The Parking REIT, Inc. is a publicly registered, non-traded real estate investment trust (“REIT”) that invests in a portfolio of parking facilities located throughout the United States and Canada.

According to the law firm press release, on December 15, 2017, the merger of Parking REIT (then known as MVP REIT II, Inc.) and MVP REIT I was consummated. The Complaint alleges that Defendants solicited stockholders’ votes in support of the merger through proxy statements that omitted material facts necessary to make the statements therein not false or misleading. The Complaint further alleges that stockholders were damaged as a result of the concealment of this material information.

On June 13, 2019, the Court issued an Order appointing Lead Plaintiff and Co-Lead Counsel. Lead Plaintiff filed an amended Complaint on October 11. Defendants filed Motions to Dismiss the amended Complaint on January 9, 2020. On November 30, the Court denied as moot the Motions to Dismiss the amended Complaint.

The parties entered into a Settlement Stipulation in a related state action filed in the Circuit Court for Baltimore City and docketed under 24-C-19-003125 on April 6, 2021. On July 22, this federal action was voluntarily dismissed.