BENSALEM, Pa., June 13, 2019 (GLOBE NEWSWIRE) — Law Offices of Howard G. Smith reminds investors of the upcoming June 17, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Whitestone REIT (“Whitestone” or the “Company”) (NYSE: WSR) securities between May 9, 2018 and February 27, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Whitestone investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On February 27, 2019, after the market closed, the Company revealed that its 2018 financial results for the periods ending March 31, June 30, and September 30 could no longer be relied upon and would be restated, based on a review by auditing committee of Whitestone’s board of trustees.
On this news, shares of Whitestone fell $1.24 per share, or over 8%, to close at $13.01 on February 28, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company lacked effective internal control over financial reporting; (2) Whitestone was incorrectly recognizing assets and liabilities associated with its contribution to Pillarstone Capital REIT Operating Partnership LP; (3) the Company’s financial statements for the fiscal year 2018 were overstating revenues; (4) the Company’s financial statements for the fiscal year 2018 could no longer be relied upon; and (5) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
If you purchased shares of Whitestone during the Class Period you may move the Court no later than June 17, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
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