Strategic Realty Trust Inc., formerly known as TNP Strategic Retail Trust Inc., recently informed investors that the REIT’s valuation dropped by nearly 30%, to $7.11 per share from its former valuation of $10 per share.
The Peiffer Wolf Carr & Kane lawyers represent investors in TNP Strategic Retail Trust and other TNP programs including TNP 2008 Participating Notes, and have filed numerous FINRA arbitrations and three class actions on their behalf, seeking compensation in connection with their investments.
Robert A. Stanger & Co. Inc. appraised and reviewed Strategic Realty Trust’s financial statements and provided an estimated value of the shares.
In August 2009, the shares sold for $10 when shares of the REIT were first sold.
Strategic Realty Trust has endured some tumultuous periods. Tony Thompson, who was Strategic Retail Trust’s co-CEO and president, was removed from those positions in August 2013. In January 2014, Thompson resigned from the board of directors and agreed to end a proxy battle with the board after the affiliate’s advisor agreed to purchase Thompson’s 133,333 shares.
Under the agreement, Tony Thompson received $8 per share. At that time, Strategic Realty Trust’s CEO Andrew Batinovich stated that the $8 per share price was not necessarily a valuation of the shares and was a negotiated price.
In January, 2013, Thompson claimed that the estimated net asset value of the TNP SRT REIT was $10.60 per share.
Attorneys Jason Kane and Joe Peiffer have been investigating the sales practices surrounding a number of TNP-sponsored real estate investment products that may have been unsuitable for many TNP investors. Investors who were sold TNP-sponsored real estate investment trusts are encouraged to contact attorneys Jason Kane or Joe Peiffer toll free, at (216) 589-9280 for a free evaluation of their matter. For more information, visit www.tnpinvestors.com