The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Farmland Partners Inc. (FPI or the Company) (NYSE: FPI). FPI is a real estate investment trust (REIT) based in Denver, CO, specializing in North American farmland properties and loans to farmers secured with farmland.
If you are a former AFCO shareholder who acquired FPI common stock pursuant to the February 2017 AFCO acquisition and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 569-4531 or email Mr. Shuman at [email protected] or Mr. Glenn at [email protected].
In February 2017, FPI completed its stock and cash acquisition of American Farmland Co. (AFCO), another farming REIT, and in connection therewith issued approximately 14.5 million new shares of FPI common stock directly to AFCO shareholders as follows: Each share of AFCO common stock was converted automatically into the right to receive 0.7417 shares of newly issued FPI common stock (plus cash in lieu of fractional shares).
On July 11, 2018, analysts with Rota Fortunae published a report revealing, among other things, that FPI is artificially increasing revenues by making loans to related-party tenants who round-trip the cash back to FPI as rent, that 310% of 2017 earnings could be made-up, that evidence [¦] strongly supports FPI has significantly overpaid for properties, and, moreover, that FPI has neglected to disclose that the majority of its loans have been made to two members of the management team, including Jesse Hough, CEO Paul Pittmans long-time business partner. On this news, FPIs stock fell over 38% (or $3.37 per share) to close at $5.28 per share on July 11, 2018.
The Shuman Law Firm represents investors throughout the nation, concentrating its practice in stockholder litigation.
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The Shuman Law Firm
Kip B. Shuman, Esq.
Rusty E. Glenn, Esq.
Montgomery Street, Ste. 1800
San Francisco, CA 94104
Email: [email protected]