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Colony Credit is facing a class action lawsuit alleging that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) the credit quality of certain of the Company’s assets had deteriorated prior to the combination on or about February 1, 2018 of Colony NorthStar, Inc., NorthStar Real Estate Income Trust, Inc., and NorthStar Real Estate Income II, Inc. (the “Merger”), and were continuing to deteriorate at the time of the Merger; (ii) certain of the Company’s loans, including four loans of approximately $261 million related to a New York hotel, were substantially impaired, there was insufficient collateral to secure the loans, and it was unlikely that the loans would be repaid; (iii) as a result, the valuation attributed to certain of the Company’s assets was overstated; (iv) certain of the assets contributed as part of the Merger were of substantially lower value than reflected in the Company’s financial statements and the Registration Statement; (v) as a result, the Company’s financial condition, including its book value, was materially overstated; and (vi) that, as a result of the foregoing, the positive statements in the Registration Statement about the Company’s business, operations, and prospect were materially misleading and/or lacked a reasonable basis.
If you incurred a loss on CLNC common stocks purchased or otherwise acquired pursuant and/or traceable to the Company’s false and/or misleading Registration Statement and Prospectus issued in connection with the Merger on or about February 1, 2018, this lawsuit is on your behalf. The lawsuit was filed in the the United States District Court for the Central District of California, and our firm is reaching out to investors to discuss their legal rights.
If you wish to act as a representative of the shareholders harmed by this misconduct, you may ask the court to appoint you as lead plaintiff. A lead plaintiff directs the litigation and participates in important decisions, including whether to accept a settlement for the class in the action.
You only have until November 9, 2020 to apply to be lead plaintiff. The court will then evaluate the applicants and choose a lead plaintiff. You are not required to act as a lead plaintiff in order to participate in any recovery.
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