Michael Schrag
Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Our law firm is investigating Phillips Edison & Company REIT (formerly known as the Phillips Edison Grocery Center REIT) on behalf of REIT investors.
Phillips Edison is a non-traded REIT, and may not be suitable for all investors. If your stock broker or financial advisor recommended you invest in Phillips Edison, or any other non-traded REIT, and you lost money, stopped receiving distributions, or remain stuck in your investment, you may have a claim. Speak with a REIT fraud lawyer to learn more about your right to monetary recovery.
You may have a claim. Get a free and confidential consultation.
Phillips Edison is a non-traded REIT which invests in grocery-anchored shopping centers. In March of 2020, Phillips Edison announced that it would suspend its monthly distributions, share repurchases, and distribution reinvestment plan. According to The DI Wire, the company indicated that it will pay future distributions in cash, and will not repurchase any shares, including from people with a qualifying disability or death.
Further, the company reported that it had borrowed $200 million on its revolving credit facility with the intent to increase liquidity and maintain operations. The DI Wire reports that the company also indicated it had reduced its expenses, and delayed some of its capital projects.
Some investors report remaining stuck in their Phillips Edison investment, and third party tender offers have ranged as low as $7.39 per share for this REIT. If you invested in Phillips Edison, you may have a legal claim.
In 2019, Phillips Edison & Company (PECO) announced plans to merge with Phillips Edison Grocery Center REIT III Inc (PECO III). The company co-sponsors the REIT with Griffin Capital Co.
The Grocery Center REIT III had reportedly previously suspended its distribution reinvestment plan and share repurchase program, and experienced some liquidity issues. According to BlueVault, this merger was seemingly the best option for the Grocery Center REIT III; another option being complete liquidation. The news article states,
Once the merger takes effect, holders of PECO III class A common stock will receive 0.6693 PECO common share and 9.39 cents in cash per Class A share they hold; holders of PECO III Class I common stock will receive 0.7436 PECO common share and 9.41 cents in cash per Class I share they hold; and holders of PECO III Class T common stock will receive 0.7749 PECO common share and 9.89 cents in cash per Class T share they hold.
The merger was approved by shareholders in November of 2019. Investors who lost money as a result of this merger may be able to recover their losses.
While REITs are often marketed as low-risk, high yield investments, FINRA and the SEC have recently increased scrutiny into the marketing of these investments. Non-traded REITs are not traded on the public securities exchange, meaning that these REITs can often be illiquid. Many investors have reported being unable to redeem their shares from non-traded REITs and remain stuck in these uncertain investments as a result.
Many firms have notoriously sold REITs to investors. If you invested in the Phillips Edison REIT and have lost part of your investment, not received your distributions, or remain stuck in the uncertain REIT, you may be eligible for monetary recovery. Contact our firm to learn more about your REIT fraud options.
Gibbs Law Group is currently investigating a number of REITs on behalf of shareholders. These REITs include:
If you invested in any of these REITs, or others, we may be able to help. Speak with a lawyer today to learn more about our REIT lawsuits.
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
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Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Eileen is involved in the firm’s securities practice and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
Amanda is spearheading a securities lawsuit against NantHealth concerning fraudulent statements to investors about the success of its key product.
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