New York, NY (PRWEB) March 21, 2013
Zamansky & Associates LLC notifies all investors in the TNP Strategic Retail Trust, Inc. (TNP), a non-traded real estate investment trust, that it is investigating TNP’s announcement that it is suspending dividend payments. On March 19, 2013, TNP filed a Form 8-K with the SEC, available at http://www.sec.gov, announcing that it was not paying dividends for the first quarter of 2013, and that investors should not assume that dividends would be paid through the rest of the year. TNP states that the reason is that has been negotiating with lenders over whether it is in default of its loans, and therefore that it cannot access its short-term cash needs.
The investigation concerns TNP, and its suspension of dividends. The Financial Industry Regulatory Authority, FINRA, posts on its website an investor alert Non-Traded REITs—Perform a Careful Review Before Investing, which highlights the problems of these investments. On October 22, 2012, FINRA also announced that it sanctioned David Lerner Associates $14 million for unfair sales practices concerning sales of Apple REIT Ten.
Zamansky & Associates LLC is currently co-lead counsel for the plaintiffs in a pending class action lawsuit against the Apple REITs, another non-traded REIT. The case is In Re Apple REITs Litigation, U.S. District Court, Eastern District of New York, No. 11-cv-02919-KAM-JO. In the lawsuit, the plaintiffs allege that the defendants paid dividends that were not sustainable in order to sell the REITs to investors.
Zamansky is investigating TNP's suspension of dividends for possible similar issues. "These non-traded risks are extremely risky and are not suitable or appropriate for retirees or conservative investors", according to Jake Zamansky. "These non-traded REITs also enormous embedded fees in the way they are structured, offered and sold to investors which," Zamansky says, "are difficult to discern from the offering documents."
What TNP Investors Can Do
If you are a shareholder of TNP would like to discuss your legal rights, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky & Associates
Zamansky & Associates LLC is one of the leading law firms specializing in securities fraud and financial services arbitration and class action litigation. We represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
To learn more about Zamansky, please visit our website, http://www.zamansky.com.
Zamansky & Associates, LLC
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414