PHILADELPHIA, July 12, 2011 (GLOBE NEWSWIRE) -- Spector Roseman Kodroff & Willis, P.C. announced today that it is investigating several real estate trusts, including Apple REIT's Six, Seven, Eight, Nine and Ten ("Apple REIT") and David Lerner Associates, Inc. ("DLA") following the filing of a lawsuit which alleges that the companies made false and misleading statements to investors.
The lawsuit, filed on June 21, 2011, in the U.S. District Court for the District of New Jersey, alleges that the defendants misstated the business model of the trust and failed to disclose the risks associated with the investment.
Apple REIT purports to be non-listed, public, real estate investment trusts (REIT). Trusts were reportedly sold to investors through DLA. The lawsuit follows a complaint filed by the Financial Industry Regulatory Authority ("FINRA") alleging that DLA sold shares to seniors and unsophisticated investors, misleading them about the risks and model of the trusts.
Investors who purchased trusts from DLA between June 16, 2008 and the present are encouraged to contact Spector Roseman. No class has yet been certified in the above action. Class members will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 16, 2011 and be selected by the court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest financial loss from investment in the Company during the Class Period.
Spector Roseman Kodroff & Willis, P.C. has been representing individual and institutional investors for more than two decades, serving as lead counsel in numerous cases in U.S. federal and state courts. Please visit the firm's website (http://www.srkw-law.com) for more information about the firm.
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