NEW ORLEANS, Sept. 04, 2024 (GLOBE NEWSWIRE) -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have until September 30, 2024 to file lead plaintiff applications in a securities class action lawsuit against Arbor Realty Trust, Inc. (“ABR” or the “Company”) (NYSE: ABR), if they purchased the Company’s securities between May 7, 2021 and July 11, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Eastern District of New York.
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Arbor Realty investors should visit us at https://claimsfiler.com/cases/nyse-abr/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Arbor Realty and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On March 14, 2023, NINGI Research reported that “ABR has been hiding a toxic real estate portfolio of mobile homes with a complex web of real and fake holdings companies for more than a decade.” On this news, the price of ABR shares fell from $12.99 per share on March 13, 2023, to $12.12 per share on March 14, 2023, and then $11.53 per share on March 15, 2023. Then, on July 12, 2024, Bloomberg reported that the Company was the subject of a probe by federal prosecutors and the Federal Bureau of Investigation in New York that were “inquiring about lending practices and the company’s claims about the performance of their loan book.” On this news, the price of ABR shares fell from $15.53 per share on July 11, 2024, to $12.89 per share on July 12, 2024.
The case is Martin v. Arbor Realty Trust, Inc., No. 24-cv-05347.
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