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Case Status:    ONGOING    
On or around 09/23/2020 (Date of last review)

Filing Date: September 16, 2020

According to the Complaint, Cardone Capital, LLC provides real estate investment opportunities to the so-called “everyday investor” through real estate crowdfunding. According to Cardone Capital’s website, Cardone Capital “finds the deals, negotiates the purchase and financing, and closes the deal” and generates rental payments from creditworthy tenants to pay monthly cash distributions to investors. Investors invest in Cardone Capital’s equity funds, which have been formed to acquire interests in income earning real estate.

The Complaint alleges that throughout the Class Period, the Company made materially false and misleading statements regarding (1) whether investors would obtain a 15% internal rate of return on their investments; (2) the amounts of monthly distributions they would receive; and (3) investors’ debt obligations. The Complaint further alleges that the Company made materially false and misleading statements in the offering documents and omitted to state material facts relating to how the acquisition of properties to be owned by Fund V and Fund VI would be financed and the interest Cardone would charge the funds for loaning “the aggregate principal balance” to acquire those properties.

COMPANY INFORMATION:

Sector: Financial
Industry: Misc. Financial Services
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: N/A
Company Market: N/A
Market Status: N/A

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: C.D. California
DOCKET #: 20-CV-08499
JUDGE: Hon. John F. Walter
DATE FILED: 09/16/2020
CLASS PERIOD START: 12/12/2018
CLASS PERIOD END: 06/25/2020
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Susman Godfrey LLP
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available