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Strategic Realty Trust, Inc. Investor Class Action Lawsuit

On October 23, 2013, Girard Gibbs and co-counsel filed a class action lawsuit on behalf of investors in Strategic Realty Trust, Inc. (“the Company”) for breaches of fiduciary duties owed to the Company’s common shareholders. Prior to August 23, 2013, the Company was known as TNP Strategic Retail Trust, Inc.

The complaint alleges that the Company, its former affiliates Thompson National Properties, LLC, TNP Strategic Retail Advisor, LLC and TNP Securities, LLC, and certain of the Company’s current or former officers and directors violated Sections 11, 12(a)(2) and/or 15 of the Securities Act of 1933.  Among other things, the complaint alleges that the offering materials provided to investors during the IPO contained material misrepresentations and omissions about the financial health of the Company and its affiliates and about the performance of earlier real estate programs sponsored by the Company’s affiliates.

On January 16, 2013, the Company revealed that it had defaulted on a $29 million loan that its CEO and Chairman had personally and unconditionally guaranteed and on its $45 million revolving credit facility. Then, on August 28, 2013, the Company issued a press release disclosing that a board-level “Special Committee” had been formed a year earlier “for the protection of shareholders” after one of the Company’s affiliates was found to be paying fees to itself that had not been earned; and that its affiliates had defaulted on certain corporate debt obligations and had sustained significant corporate losses. In the wake of this disclosure, the Company replaced its CEO and Chairman and severed its relationship with its affiliates.

If you are a member of this class, you can view a copy of the filed complaint or join this class action. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Strategic Realty Trust, Inc. investors who wish to learn more about the lawsuit can contact Girard Gibbs’ securities fraud lawyers toll free at (866) 981-4800.

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Strategic Realty Trust, Inc. Lawsuit: Talk to a Securities Attorney

On October 23, 2013, Girard Gibbs and co-counsel filed a class action lawsuit on behalf of investors in Strategic Realty Trust, Inc. for breaches of fiduciary duties owed to the Company’s common shareholders.

Securities Fraud Attorneys
  • Daniel
    Girard
    Daniel Girard is the founding partner of Girard Gibbs and has dedicated his career to enforcing the rights of... MORE >
  • John
    Kehoe
    John A. Kehoe is a partner in our New York office specializing in the prosecution of securities and financial... MORE >
  • Amanda
    Steiner
    Amanda Steiner is a partner with Girard Gibbs specializing in complex securities litigation. She has... MORE >
  • Dena
    Sharp
    Dena Sharp is a partner in Girard Gibbs' Securities Law Practice Group. MORE >
  • Lesley
    Tepper
    Lesley Vittetoe Tepper has focused her career on representing investors in securities and investment fraud... MORE >
  • Ashley
    Tveit
    Ashley Tveit is an associate with the firm specializing in protecting the rights of investors through... MORE >
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