Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Arbor Realty Trust, Inc. ("Arbor" or the "Company") (NYSE: ABR) investors of a class action representing investors that bought securities between May 7, 2021 to July 11, 2024, inclusive (the "Class Period"). Arbor investors have until September 30, 2024 to file a lead plaintiff motion.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On March 14, 2023, NINGI Research published a report alleging, among other things, that Arbor had been "hiding a toxic real estate portfolio of mobile homes with a complex web of real and fake holdings companies for more than a decade." On this news, Arbor's stock price fell $1.46, or 11.2%, over two consecutive trading days to close at $11.53 per share on March 15, 2023, thereby injuring investors.
Then, on December 5, 2023, Viceroy Research published a report claiming that, in an "industry plagued with delusion and bad decisions, [Arbor] stands out as the worst of the worst." The report further stated that the Company's "entire loan book is distressed and underlying collateral is vastly overstated." On this news, Arbor's stock price fell $0.71, or 5.1%, over two consecutive trading days, to close at $13.15 per share on December 6, 2023.
Then, on July 12, 2024, Bloomberg reported that federal prosecutors and the Federal Bureau of Investigation were looking into Arbor regarding its lending practices and the Company's claims about the performance of their loan book. On this news, Arbor's stock price fell $2.64, or 17%, to close at $12.89 per share on July 12, 2024, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants: (1) provided investors with false and/or materially misleading information concerning its operational and financial health, including its balance sheet loan book and net interest income; (2) provided investors with this information in quarterly and annual reports filed with the SEC as well as orally during earnings conference calls; and (3) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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