Phillips Edison REIT Lawsuit | Phillips Edison & Company REIT
Phillips Edison is an “internally-managed real estate investment trust (“REIT”) and one of the nation’s largest owners and operators of grocery-anchored shopping centers”. It suspended the distribution reinvestment plan and the repurchase program, as well as its offerings, resulting in potential losses for investors.
Financial advisors (brokers) have a legal obligation and regulatory obligation to recommend only suitable investments that are appropriate for their individual clients. If you have Phillips Edison Grocery Center REIT III or other Phillips Edison REITs in your portfolio, you may be entitled to recover your investment losses. Contact Peiffer Wolf today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule a FREE Case Evaluation.
In 2019, investors with Phillips Edison Grocery Center REIT III in their portfolios were caught by surprise when a merger between Phillips Edison & Company and Phillips Edison Grocery Center REIT was announced. As a consequence of the merger, a filing was submitted to the SEC that indicated a suspension of offerings, a suspension of the distribution reinvestment plan, and a suspension of the share repurchase program.
Then, according to The DI Wire, as “a response to the COVID-19 pandemic, the REIT suspended distributions after March 2020, as well as share repurchases.”
One of the big problems with Non-Traded REITs is their lack of liquidity:
They generally cannot be sold readily on the open market. If you need to sell an asset to raise money quickly, you may not be able to do so with shares of a non-traded REIT.
Investors with Phillips Edison Grocery Center REIT III or other Phillips Edison REITs in their portfolio should contact Peiffer Wolf today.
Now, the securities law firm of Peiffer Wolf Carr Kane & Conway (“Peiffer Wolf”) has begun investigating any and all brokers and advisors who recommended Phillips Edison REITs including Phillips Edison Grocery Center REIT III to investors. If you invested in Phillips Edison REITs, Contact Peiffer Wolf for a FREE CONSULTATION by calling 585-310-5140 or by filling out a Contact Form on this website.
Have you suffered losses investing in Phillips Edison REITs like Phillips Edison Grocery REIT III? The broker misconduct attorneys at Peiffer Wolf will fight to recover your losses.
Brokers and financial advisors are often drawn to recommending REITs because of the high commissions associated with the transaction. These alternative investments are generally only suitable for savvy investors who are wealthy and sophisticated. These complex investment products are often highly illiquid, meaning investors may be stuck and not able to access their money. Moreover, many illiquid REITs cannot be freely sold in the marketplace. All too often, investors trying to exit or access their money are faced with two bad options: sell the shares directly back to the sponsor at a heavily discounted price or sell the shares for pennies on the dollar through the limited secondary markets.
If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf has represented thousands of victims, and we remain committed to fighting on behalf of investors.
Typically, we represent clients on contingency fee agreements. If we take your case under a contingency fee arrangement, you won’t owe our firm any legal fees unless we are able to recover money for you.
Our contingency fee agreements are usually based on a percentage of the amount we recover for our clients. The contingency fee amount is determined by the type of case, our estimate of how long it will take to resolve your case, and our estimate of the litigation costs we will advance in your case. Each engagement agreement includes the details of the fee arrangement. Questions about our fee agreements are welcomed and encouraged.
In most litigation matters, it is extremely difficult – practically impossible – to predict how long it will take to resolve a particular case. Every case is different, and we will do our best to provide you with an estimate based on your case and our experience with similar cases. Moreover, we will do our best to keep you updated and manage expectations along the way.
DO YOU HAVE ANY QUESTIONS?
We handle cases that change lives. Contact us today for a FREE consultation.