PHILADELPHIA, Sept. 25, 2024 (GLOBE NEWSWIRE) -- Berger Montague PC advises investors that a securities fraud class action lawsuit has been filed against Arbor Realty Trust, Inc. (“Arbor Realty” or the “Company”) (NYSE: ABR) on behalf of purchasers of Arbor Realty securities between May 7, 2021 and July 11, 2024, inclusive (the “Class Period”).
Investor Deadline: Investors who purchased or acquired Arbor Realty securities during the Class Period may, no later than September 30, 2024, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net or (215) 875-3048, or CLICK HERE.
Headquartered in Uniondale, New York, Arbor Realty invests in a diversified portfolio of structured finance assets in the multifamily, single-family rental, and commercial real estate markets in the United States.
According to the lawsuit, Arbor Realty and its senior management misled investors with continual claims of strong health regarding the Company’s loan book.
Investors first began to learn the true state of Arbor Realty’s loan portfolio on March 14, 2023, when NINGI Research published a report alleging that Arbor Realty had been hiding toxic real estate properties in fraudulent holding companies for ten years. On that news, shares fell from a closing price of $12.99 per share on March 13, 2023 to a closing price of $12.12 on March 14, 2023, then down to $11.53 per share on March 15.
On December 5, 2023, Viceroy published a report that accused the Company of concealing from investors the distressed nature of its loan book, going so far as to calling Arbor Realty the “worst of the worst” in the industry.
Then, on July 12, 2024, Bloomberg reported that Arbor Realty was being probed by federal prosecutors and the Federal Bureau of Investigation in New York and that “[t]he investigators are inquiring about lending practices and the company’s claims about the performance of their loan book.” On this news, the price of Arbor Realty stock fell 17%, according to the complaint.
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.
Contact:
Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
aabramowitz@bm.net
Peter Hamner
Berger Montague PC
(215) 875-3048
phamner@bm.net
