On August 17, 2018, the initial complaint in this securities class action was filed against Farmland Partners Inc. (“Farmland Partners”) and certain of Farmland Partners’ directors and officers, asserting violations of sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleged that throughout the class period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Farmland Partners artificially increased its revenues by making loans to related party tenants; (ii) as a result of the foregoing, Farmland Partners' class period revenues were overstated; and (iii) as a result, Farmland Partners' public statements were materially false and misleading at all relevant times.
This securities class action lawsuit was brought on behalf of all persons and entities, other than defendants, who purchased or otherwise acquired Farmland Partners publicly traded securities between November 12, 2015 and July 10, 2018, inclusive.
Current Status of Case:
On April 15, 2019, the Court entered an order denying the defendants’ motion to dismiss, thereby allowing the action to proceed. On July 2, 2019, the defendants filed an answer to the amended complaint. However, on December 27, 2019, the lead plaintiffs filed a motion for leave to file a second amended complaint. The defendants opposed the lead plaintiffs’ motion. The motion for leave to file a second amended complaint has now been fully briefed before the Court pending its decision. This action is still ongoing.
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Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-844-887-9500 (toll free) or 1-610-667-7706
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