May 14, 2013
Thompson National Properties-sponsored TNP Strategic Retail Trust (“TNP SRT”) has filed a Notice today with the Securities and Exchange Commission, stating that it is unable to timely file form 10-Q.
The federal securities laws require companies such as TNP SRT to disclose information to their shareholders on an ongoing basis. Form 10-Q is a quarterly report that is required to include unaudited financial statements and to provide a continuing view of the company’s financial position during the year. The 10-Q report must be filed for each of the first three fiscal quarters of an issuer’s fiscal year.
TNP SRT indicated the reason it was unable to timely file its current 10-Q report because it has dismissed its previous accounting firm a month ago, and the new accounting firm it hired was unable to complete and timely file Form 10-Q without unreasonable effort and expense.
In its Notice, TNP SRT did not indicate when the 10-Q report would be filed.
TNP SRT has dismissed its former accounting firm in mid-April, 2013, for that firm’s alleged failure to report two important events to the Securities and Exchange Commission. One of the items that, according to TNP SRT’s board, should have been reported was that the accounting firm had apparently determined it would no longer be able to rely upon the representations of Tony Thompson, the Company’s CEO and Chairman of the Board.
Securities attorneys Jason Kane and Joe Peiffer have been investigating several TNP-sponsored investments, including TNP Strategic Retail Trust, TNP 12% Notes, TNP “Kodak,” and TNP 2008 Participating Notes (“TNP”). Attorneys Rosca and Peiffer are preparing to take action on behalf of TNP investors, against securities broker-dealer firms that may have failed in their duties to adequately vet the TNP products prior to recommending them to their customers. TNP investors are encouraged to contact attorneys Jason Kane or Joe Peiffer for a free consultation at (216) 589-9280.