LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 30, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Arbor Realty Trust, Inc. (“Arbor” or the “Company”) (NYSE: ABR) securities between May 7, 2021 to July 11, 2024, inclusive (the “Class Period”).
If you suffered a loss on your Arbor investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Arbor-Realty-Trust-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
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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If you purchased or otherwise acquired Arbor securities during the Class Period, you may move the Court no later than September 30, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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