HOUSTON, May 29, 2012 (GLOBE NEWSWIRE) -- Lawyers with the Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, are investigating claims involving Apple Real Estate Investment Trusts ("REITs"). Recent events have clearly shown failures of brokerage firms in selling these REITs. The Financial Industry Regulatory Authority ("FINRA") has filed an action against David Lerner & Associates because of its sales of Apple REIT interests. The firm sold billions of dollars of the shares since 1992, earning hundreds of millions in commissions. FINRA is alleging that Lerner made many misleading and exaggerated statements about the risks and returns of Apple REITs in order to sell the shares.
Additionally, the first arbitration against David Lerner & Associates has finished in favor of the investors. The investors filed suit in FINRA arbitration claiming various violations of FINRA rules and other applicable laws. The arbitrator heard the case and ordered recession of the sale, meaning that the investors get their money back, and give back the Apple REIT shares that they purchased. While this case was relatively small, it is an important result that shows the potential liability of brokers who misrepresented Apple REITs when selling them.
If you are an owner of shares of one of the Apple REITs and believe that your broker misrepresented this security when recommending it to you, contact the law offices of Shepherd Smith Edwards & Kantas LLP for a free consultation and evaluation of your claim.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. Since 1990, we have represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. Collectively, we have represented over 1,000 investors over the last 18 years in negotiation, mediation, arbitration and litigation.