Lawsuit filed for Investors in shares of Colony Capital, Inc. (NYSE: CLNY)
A lawsuit was filed on behalf of investors in Colony Capital, Inc. (NYSE: CLNY) shares over alleged securities laws violations.
Investors who purchased shares of Colony Capital, Inc. (NYSE: CLNY) have certain options and for certain investors are short and strict deadlines running. Deadline: July 27, 2020. NYSE: CLNY investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Los Angeles, CA based Colony Capital, Inc. (NYSE: CLNY) is a leading global investment management firm with assets under management of $53 billion, which includes approximately $14 billion of assets under management from Digital Bridge, a leading global investment
On November 8, 2019, Colony Capital, Inc announced its financial results for the third quarter of 2019. Among other results, the Company reported a GAAP net loss of $555 million, or $1.15 per share, which "notably included reductions of goodwill, real estate and provision for loan losses totaling $540.3 million . . . of which $387.0 million was attributable to the reduction of goodwill primarily as a result of the pending sale of the Company's industrial investment management business and related real estate portfolio, and the decrease in management fees from Colony Credit Real Estate, Inc. resulting from impairments related to its portfolio bifurcation."
Shares of Colony Capital, Inc. (NYSE: CLNY) declined from $6.14 per share in late September 2019 to as low as $4.78 per share on November 18, 2019.
Then, on May 8, 2020, Colony Capital, Inc announced its financial and operating results for the first quarter of 2020. Colony Capital, Inc reported that its portfolio companies had defaulted on $3.2 billion of debt secured by hotels and healthcare-related properties and that Colony had received a notice of acceleration covering $780 million of the defaulted debt.
Shares of Colony Capital, Inc. (NYSE: CLNY) declined to as low as $1.42 per share on May 14, 2020.
The plaintiff claims that between August 9, 2019, and May 7, 2020, the Defendants made false and/or misleading statements and/or failed to disclose that Colony's sale of its industrial real estate portfolio and the bifurcation of Colony Credit Real Estate's portfolio were foreseeably likely to negatively impact Colony's financial and operating results, that certain of Colony's remaining portfolio companies carried unsustainable levels of debt secured by hotels and healthcare-related properties and were thus at significant risk of default, and that as a result, the Company's public statements were materially false and misleading at all relevant times.
Those who purchased shares of Colony Capital, Inc. (NYSE: CLNY) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North
San Diego, CA 92108
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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