BALTIMORE (Legal Newsline) — Stockholders have filed a class-action lawsuit against Edward M. Weil, Jr. c/o American Realty Capital; Leslie D. Michelson; Edward G. Rendell; AR Global Investments LLC; Corporation Service Company; American Finance Trust, Inc.; CSC-Lawyers Incorporating Service Company and American Realty Capital-Retail Centers of America, Inc., citing alleged breach of contract, breach of duty and violation of federal law.
Paradise Wire & Cable Defined Benefit Pension Plan; Hollingsworth, Mendenhall and McFadden LLC; IG Holdings, Inc. and IG Revocable Trust filed a complaint on behalf of all others similarly situated on Jan. 13 in the U.S. District Court for the District of Maryland against the Maryland corporation and it officers, alleging that they issued false and misleading statements to the common stock holders.
According to the complaint, the plaintiffs allege that they suffered damages because they received inadequate compensation for the value of the company's assets due to the false information they had been given. The plaintiffs hold the defendants responsible because they allegedly made a misleading proxy in order to solicit the approval of the stockholders for a proposed merger.
The plaintiffs request a trial by jury and seek enjoin the proposed merger, award rescissory damages, pay the plaintiff for all damages, disbursements, all legal fees and any other relief as this court deems just. They are represented by John B. Isbister and Daniel S. Katz of Tydings & Rosenberg LLP in Baltimore.
U.S. District Court for the District of Maryland Case number 1:17-cv-00132-CCB