NEW YORK, Sept. 5, 2012 (GLOBE NEWSWIRE) -- The securities arbitration law firm of Maddox Hargett & Caruso, P.C. (InvestorProtection.com) announced today that it has commenced an investigation of claims on behalf of investors who were sold a non-traded real estate investment trust (REIT) known as the Behringer Harvard Strategic Opportunity Fund I by a number of regional and national brokerage firms.
Within the past few weeks, investors learned that the Behringer Harvard Strategic Opportunity Fund I was underwater. First reported in an Aug. 22 article by Investment News, the fund's liabilities are now greater than its assets.
"Many investors who purchased the Behringer Harvard Strategic Opportunity Fund I did so on the advice of their broker, who presented the product as a low risk, safe and conservative investment. Evidence shows it was not," says Mark Maddox, partner of Maddox Hargett & Caruso, P.C. "In some instances, investors ultimately suffered huge financial losses from the Behringer Harvard fund because the investment had been misrepresented to them."
Initially offered in 2005, the Behringer Harvard Strategic Opportunity Fund I raised approximately $65 million and included investments in six properties. Among them: An office building in Amsterdam, a hotel on Wilshire Boulevard in Los Angeles and an apartment building in Fort Worth, Texas.
The Behringer Harvard Strategic Opportunity Fund I is one of several REITs in the Behringer Harvard family to experience problems this year. In early January 2012, investors learned that the value of the Behringer Harvard Opportunity REIT I had dropped to $4.12 per share, a 46% decline from the $7.66 per share valuation listed at the end of 2010. In June, one property in the REIT went into bankruptcy protection.
Another Behringer REIT, the Behringer Harvard Short-Term Opportunity Fund I LLP, has seen its valuation fall to 40 cents a share at the end of December 2011, down from $6.48 one year earlier.
Investors who've suffered significant financial losses in the Behringer Harvard Strategic Opportunity Fund I may contact Maddox Hargett & Caruso, P.C. to explore their legal rights and options.
For more information on the Behringer Harvard Strategic Opportunity Fund I, as well as on other Behringer Harvard funds, visit the InvestorProtection Web site.