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.
New York REIT Inc., formerly American Realty Capital New York Recovery REIT, announced this week that Gregory Hughes has resigned from the company’s board of directors due to disagreements with the board and corporate governance.
In August, the board agreed to dissolve and liquidate the company after terminating a proposed merger with JBG Companies late last year following public opposition by investors Michael Ashner, Steven Witkoff, and their jointly owned entity, WW Investors LLC.
New York REIT later settled with the two dissident investors and agreed to expand its board of directors to include Hughes, James Hoffmann, and Craig Bouchard. Hoffmann resigned from the board at the end of January.
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.
NYRT is a publicly traded real estate investment trust that owns 19 commercial real estate properties, including office and retail properties, located in New York City. Shares of NYRT closed at $9.96 on Tuesday.
If you invested in New York REIT and would like to discuss your litigation options with a securities attorney, 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.