NEW YORK--(BUSINESS WIRE)--Notice is hereby given that a class action lawsuit was filed in the United States District Court for the Eastern District of New York on behalf of a proposed class consisting of all persons or entities who purchased Apple REIT Nine and/or Apple REIT Ten securities between June 16, 2008 and the present, inclusive (the “Class Period”).
The Complaint charges the Apple REITs, David Lerner Associates (“DLA”) and certain of the Apple REITs’ and DLA’s executive officers with violations of federal securities laws. DLA was the exclusive selling agent for the Apple REITs.
The Complaint alleges, among other things, that: (1) REIT Nine's and REIT Ten's registration statements and prospectuses failed to disclose material information concerning the value of shares of prior Apple REITs, which pursued nearly identical investment strategies and whose share value had declined significantly, and (2) DLA solicited purchases of REIT Nine and REIT Ten by means of false and misleading statements.
If you are a member of the class described above, you may, no later than August 16, 2011, request that the court appoint you lead plaintiff of the class. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions that could affect the overall recovery for class members, including decisions concerning settlement.
If you wish to discuss this action, or have any questions concerning this notice or your rights, please contact us, toll free, at (888) 529-4787 or by email at info.newcases@kmllp.com
Kirby McInerney LLP has specialized in complex litigation, including securities class actions, for several decades. The firm has repeatedly demonstrated its expertise in this field, and has been recognized by various courts that have appointed the firm to major positions in consolidated and multi-district litigation. The firm's efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling hundreds of millions of dollars, and the firm's achievements and quality of service have been chronicled in numerous published decisions. More information about the firm, class actions in general, or about the role of the lead plaintiffs in a securities class action can be obtained through Kirby McInerney LLP's website at http://www.kmllp.com