According to the lawsuit, defendants made materially false or misleading statements and/or
failed to disclose that:
- the Company masked the distressed state of its tenants through sale-leaseback arrangements which were essentially round-robin transactions in that they allowed debt-saddled tenants to meet their obligations in the short-term;
- the Company fraudulently transferred hundreds of millions of dollars in what amounted to a bailout of financially distressed tenants;
- the Company concealed its fraudulent transfers with fake construction projects with purportedly high capital expenses, despite the fact that the Company entered into “triple-net leases,” which meant that its tenants were obligated to pay a significant portion of expenses, such as real estate taxes, insurance, and maintenance; and
- as a result, the Company’s public statements, including those with respect to the Pennsylvania Properties, were materially false and misleading at the time they were made.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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