Click here to join the case
LOS ANGELES, Sept. 17, 2020 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Colony Credit Real Estate, Inc. ("Colony" or "the Company") (NYSE: CLNC) investors that acquired securities in relation to the combination of Colony NorthStar, Inc. and NorthStar Real Estate Income Trust, Inc. and NorthStar Real Estate Income II, Inc. on or about February 1, 2018 (the “Merger”).
Investors are encouraged to contact attorney Lesley F. Portnoy, to determine eligibility to participate in this action, by phone 310-692-8883 or email, or click here to join the case.
It is alleged in the complaint that the registration statement was materially false and misleading and failed to state: (1) that certain of Colony Credit's assets’ credit quality had deteriorated prior to the Merger and were continuing to deteriorate at the time of the Merger; (2) that certain of the Company's loans, including four loans related to a New York hotel worth approximately $261 million, were substantially impaired, sufficient collateral to secure the loans was not available, and it was not likely that these loans would be repaid; (3) that, as a result, the valuation attributed to certain of the Colony Credit’s assets was overstated; (4) that, certain of the assets contributed as part of the Merger were of substantially lower value than reflected in the financial statements made public by the Company and the registration statement; (5) that, as a result, the financial condition of the Company's, such as its book value, was materially overstated; and (6) that, as a result of the foregoing, the positive statements in the registration statement about the Colony Credit’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
Please visit our website to review more information and submit your transaction information.
The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
Attorney Advertising
