In a dramatic Eastern District of New York Opinion by Judge Matsumoto, the Apple REITs class action Defendants' Motion to Dismiss was granted. David Lerner Associates and the Apple REITs emerge victorious in this contentious and high-profile class action.
Here, however, Plaintiffs have failed to proffer an actionable theory of loss.In sum, Plaintiffs' belabored Complaint appears only to confirm that the Apple REITs are currently functioning in exactly the manner that was anticipated and disclosed in the REITs' prospectuses and other offering documents. . .
As the court previously discussed, Plaintiffs have failed to sufficiently plead any damages as a result of Defendants' purported misrepresentations or omissions with respect to the Apple REITs. To the contrary, the Complaint alleges that Plaintiffs have in fact consistently earned money from the Apple REITs. (See Compl. ¶ 183 (discussing the REITs' "consistent 7-8% distributions").) Accordingly, Plaintiffs' claim for common law breach of fiduciary duty must be and is dismissed.
If there's one thing that's certain about the COVID-19 pandemic, it's that it has changed the way we work and interact with one another. From virtual ... Read On
Someone lost about $100 from a Bank of America drive-up ATM. Someone found it. That first finder wasn't a keeper. That first finder gave the $100 to a... Read On
We got a really, really busy day of news over at our companion publication the "Securities Industry Commentator." The content is free and fabulous. Wh... Read On
Recently, the SEC issued: "SEC Awards Almost $3 Million Total in Separate Whistleblower Awards" (SEC Release / February 19, 2021) https://www.sec... Read On
When I first starting working in-house at Smith Barney, Harris Upham & Company in 1982, folks in the biz thought that the industry's regulators we... Read On
GUEST BLOG [In]Securities: Instant Karma By Aegis Frumento Esq(BrokeAndBroker.com Blog)http://www.brokeandbroker.com/5702/insecurities-aegis-frumento-... Read On
[In]Securities a Guest Blog byAegis J. Frumento, Partner, Stern Tannenbaum & BellInstant KarmaHere's a question I haven't heard in decades:&n... Read On