The Shareholders Foundation announces that an investor in shares of Inland American Real Estate Trust Inc. (OTC: IARE) filed a lawsuit against certain current and former officers and directors of Inland American Real Estate Trust Inc. in connection with management fees.
Investors who purchased shares of Inland American Real Estate Trust Inc. (OTC: IARE) long-term, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The plaintiff alleges that the defendants breached their fiduciary duties and wasted corporate assets. More specifically, the plaintiff alleges that the defendants paid excessive managements fees and bought stock back at allegedly inflated prices.
The lawsuit was also filed against Inland American Business Manager and Advisor Inc., an entity run allegedly by certain officials of Inland American Real Estate Trust Inc, who reaped $223 million in fees between 2005 and 2013 for serving as the business manager of Inland American Real Estate Trust Inc. In May 2014 Inland American Real Estate Trust Inc became self-managed, which ended the arrangement with Inland American Business Manager and Advisor Inc.
In addition, the plaintiff claims that beginning in 2005, Inland American Real Estate Trust Inc began repurchasing shares from investors and Inland American Business Manager and Advisor Inc. set the estimated value for the shares because the stock wasn’t publicly traded. However, the plaintiff alleges that Inland American Business Manager and Advisor Inc. repeatedly shifted its methodology for valuing the shares of Inland American Real Estate Trust Inc, resulting in the company buying back stock at allegedly artificially inflated prices
Inland American Real Estate Trust Inc disclosed in May 2012 that the Securities and Exchange Commision (“SEC”) had launched a confidential investigation into whether Inland American Real Estate Trust Inc had violated securities laws in connection with its management fees, investor payouts and other transactions, part of a broader inquiry into nontraded REITs.
Those who purchased shares of INLAND AMERN REAL ES (OTCMKTS:IARE) long-term, have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com