August 24, 2016 Comments (0) Blog

Investor Alert: New York REIT Announces Plan of Liquidation and Dissolution

(Last Updated On: August 24, 2016)

If you suffered losses investing in New York REIT, The White Law Group may be able to help.

According to their website, New York REIT is a publicly traded real estate investment trust focused on acquiring and operating commercial real estate in New York City. The company seeks to provide its shareholders with both stable dividend income and appreciation potential.

On  Aug. 22, 2016, New York REIT, Inc. (NYSE: NYRT) announced that the Company’s Board of Directors  has  adopted a plan of liquidation and dissolution that provides for the sale of the Company’s assets and distribution of the net proceeds to the Company’s stockholders, after which the Company will be dissolved. NYRT also announced that the Company has amended its current credit facility to permit NYRT to adopt a plan of liquidation.

The stock has returned 1.4 percent in the past two years, including dividends, compared with a 22 percent increase in the Bloomberg REIT Index.

The shares have been depressed since founder Nicholas Schorsch allegedly became involved in a scandal in 2014 over accounting inaccuracies at American Realty Capital Properties Inc. Schorsch resigned late that year from the boards of New York REIT and 12 other companies.

If you invested in New York REIT and would like to discuss your litigation options with a securities attorneys, please call The White Law Group at 1-888-637-5510 for a free consultation.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.