NEW YORK, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Colony Credit Real Estate, Inc. (NYSE: CLNC) on behalf of Colony Credit stockholders. Our investigation concerns whether Colony Credit has violated the federal securities laws and/or engaged in other unlawful business practices.
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On or about February 1, 2018, Colony Credit issued a Registration Statement and Prospectus in connection with the combination of Colony NorthStar, Inc., NorthStar Real Estate Income Trust, Inc., and NorthStar Real Estate Income II, Inc. (the “Merger”). Then, on August 8, 2019, Colony Credit issued a press release to report its second-quarter 2019 financial results, in which it reported a $119 million provision for loan losses.
On this news, the Company’s share price fell $2.00 per share, or more than 12%, over two consecutive trading sessions to close at $14.05 per share on August 12, 2019.
Additionally, on November 8, 2019, the Company announced a portfolio bifurcation of certain assets and disclosed a $127 million provision for loan losses.
On this news, the Company’s share price fell $2.50, or nearly 18%, to close at $11.75 per share on November 8, 2019.
Following these disclosures, Colony Credit’s shares were trading at approximately $6.59 per share, representing a more than 73% decline from the $25 book value per share valued at the time of the Merger.
If you purchased or otherwise acquired Colony Credit shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato or Marion Passmore by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com