Morris Kandinov LLP has filed an action on behalf of the High Income Securities Fund in connection with its purchase of preferred stock issued by Cedar Realty Trust, Inc. (ticker: CDR). Prior to the fund’s purchase, Cedar’s management made a series of misrepresentations that led preferred stockholders to believe that Cedar was seeking a strategic transaction that would benefit both common and preferred stockholders. In reality, management was orchestrating a transaction that would be significantly detrimental to preferred stockholders. When announced, the transaction caused the value of the preferred stock to plummet more than 57%.
For more information regarding the case, contact Leo Kandinov at leo@moka.law.
