NEW YORK–(BUSINESS WIRE)–Faruqi & Faruqi, LLP, a leading national securities law firm, reminds
investors in Whitestone REIT (“Whitestone” or the “Company”) (NYSE:WSR)
of the June 17, 2019 deadline to seek the role of lead plaintiff in a
federal securities class action that has been filed against the Company.
If you invested in Whitestone stock or options between May 9, 2018
and February 27, 2019 and would like to discuss your legal rights, click
here: www.faruqilaw.com/WSR.
There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at
877-247-4292 or at 212-983-9330 or by sending an e-mail to [email protected].
The lawsuit has been filed in the U.S. District Court for the Southern
District of Texas on behalf of all those who purchased Whitestone
securities between May 9, 2018 and February 27, 2019 (the “Class
Period”). The case, Clark v. Whitestone REIT et al., No.
4:19-cv-01379 was filed on April 16, 2019.
The lawsuit focuses on whether the Company and its executives violated
federal securities laws by making false and/or misleading statements
and/or failing to disclose that: (1) the Company lacked effective
internal control over financial reporting; (2) Whitestone was
incorrectly recognizing assets and liabilities associated with its
contribution to Pillarstone Capital REIT Operating Partnership LP; (3)
the Company’s financial statements for the fiscal year 2018 were
overstating revenues; (4) the Company’s financial statements for the
fiscal year 2018 could no longer be relied upon; and (5) as a result of
the foregoing, the Company’s financial statements were materially false
and misleading at all relevant times.
On February 27, 2019, after the market close, Whitestone filed a Form
8-K with the SEC under item 4.02(a) for non-reliance on previously
issued financial statements.
On this news, the Company’s price per common share of beneficial
interest fell from $14.25 per share on February 27, 2019 to $13.01 per
share on February 28, 2019–a $1.24 or 8.70% drop.
The court-appointed lead plaintiff is the investor with the largest
financial interest in the relief sought by the class who is adequate and
typical of class members who directs and oversees the litigation on
behalf of the putative class. Any member of the putative class may move
the Court to serve as lead plaintiff through counsel of their choice, or
may choose to do nothing and remain an absent class member. Your ability
to share in any recovery is not affected by the decision to serve as a
lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding
Whitestone’s conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is
Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome with respect
to any future matter. We welcome the opportunity to discuss your
particular case. All communications will be treated in a confidential
manner.
Contacts
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New
York, NY 10017
Attn: Richard Gonnello, Esq.
[email protected]
Telephone:
(877) 247-4292 or (212) 983-9330
