SAN FRANCISCO--(EON: Enhanced Online News)--The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that investors have until December 23, 2013 to move for appointment as lead plaintiff in securities class action litigation brought on behalf of investors who purchased or otherwise acquired the common shares of TNP Strategic Retail Trust, Inc. (“TNP” or the “Company”) between September 23, 2010 and February 7, 2013 (the “Offering Period”), in or traceable to the Company’s initial public offering (“IPO”).
If you purchased or otherwise acquired the common shares of TNP during the Offering Period, you may move the Court for appointment as lead plaintiff by no later than December 23, 2013. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
TNP investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1-800-541-7358.
Background on the TNP Securities Class Litigation
The complaint alleges that the Company, its affiliates Thompson National Properties, LLC, TNP Strategic Retail Advisor, LLC, and TNP Securities, LLC, and certain of the Company’s current or former officers and directors violated Sections 11, 12(a)(2), and/or 15 of the Securities Act of 1933. The complaint alleges, among other things, that the offering materials provided to investors in the IPO contained material misrepresentations and omissions about the financial health of the Company and its affiliates, as well as about the performance of earlier real estate programs sponsored by the Company’s affiliates.
TNP disclosed on January 16, 2013 that it had defaulted both on a $29 million loan that its CEO and Chairman had personally and unconditionally guaranteed, and on its $45 million revolving credit facility.
On August 28, 2013, the Company announced that a board-level “Special Committee” had been formed a year earlier, during the Offering Period, “for the protection of shareholders” after one of the Company’s affiliates was found to be paying fees to itself that had not been earned. The Company also announced that its affiliates had defaulted on certain corporate debt obligations and had sustained significant losses. In the wake of these disclosures, the TNP replaced its CEO and Chairman and terminated its relationship with its affiliates. The Company also disclosed that the Financial Industry Regulatory Authority (“FINRA”) had brought an action against TNP’s CEO and Chairman and TNP Securities for misleading investors in earlier real estate programs touted in the Company’s IPO offering materials.
About Lieff Cabraser
Lieff Cabraser Heimann & Bernstein, LLP, with offices in San Francisco, New York, and Nashville, is a nationally recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Each year since 2003, the National Law Journal has selected Lieff Cabraser as one of the top plaintiffs’ law firms in the nation.
For more information about Lieff Cabraser and the firm’s representation of investors, please visit http://www.lieffcabraser.com.
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