LOS ANGELES (Legal Newsline) – An investor has filed a class action lawsuit against a real estate investment trust and its leaders over allegations they misrepresented that assets were secure and unimpaired.
Ji-Yong Ryu filed a complaint on behalf of all others similarly situated in the U.S. District Court for the Central District of California against HCP Inc., HCR ManorCare Inc., Lauralee Martin Schoen, Paula A. Ormond and Steven M. Canvanaugh alleging that they violated the Securities and Exchange Act.
According to the complaint, the plaintiff alleges that he suffered damages in connection with his purchase of the artificially inflated prices of defendant HCP’s common stock. The plaintiff holds HCP Inc., HCR ManorCare Inc., Martin Schoen, Ormond and Canvanaugh responsible because the defendants allegedly concealed defendant HCP’s true condition from the investing public and supported the artificially inflated prices of its common stock between March 30, 2015, and Feb. 8.
The plaintiff requests a trial by jury and seeks an award for compensatory damages, reasonable attorneys’ fees, costs and expenses and such other further relief as the court may deem just and proper. He is represented by Jennifer Pafiti of Pomerantz LLP in Beverly Hills, California; Jeremy A. Lieberman, J. Alexander Hood II and Marc Gorrie of Pomerantz LLP in New York; and Patrick V. Dahlstrom of Pomerantz LLP in Chicago.
U.S. District Court for the Central District of California Case number 2:16-cv-04981