PR Newswire
NEW YORK, Sept. 17, 2024
NEW YORK, Sept. 17, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Arbor Realty Trust, Inc. ("Arbor" or the "Company") (NYSE: ABR). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Arbor and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 30, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Arbor securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On March 14, 2023, NINGI Research ("NINGI") published a report on Arbor, alleging, among other things, that Arbor "has 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."
Following publication of the NINGI report, Arbor's stock price fell $1.46 per share, or 11.24%, over the following two trading sessions, to close at $11.53 per share on March 15, 2023.
Then, on December 5, 2023, Viceroy published an in-depth study of Arbor's properties in Jacksonville, Florida. Citing their findings, Viceroy concluded that in an "industry plagued with delusion and bad decisions, [Arbor] stands out as the worst of the worst. Viceroy's dive into [Arbor's] CLOs suggest its entire loan book is distressed and underlying collateral is vastly overstated."
Following publication of the Viceroy report, Arbor's stock price fell $0.71 per share, or 5.12%, over the following two trading sessions, to close at $13.15 per share on December 6, 2023.
Finally, on July 12, 2024, Bloomberg reported that Arbor was "being probed by federal prosecutors and the Federal Bureau of Investigation in New York." According to Bloomberg, "[t]he investigators are inquiring about lending practices and the company's claims about the performance of their loan book."
On this news, Arbor's stock price fell $2.64 per share, or 17%, to close at $12.89 per share on July 12, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
