INLAND WESTERN AND RETAIL PROPERTIES OF AMERICA
Zamansky LLC is currently investigating the non-publicly traded Inland Western REIT’s initial public offering (”IPO”). On April 15, 2012, Inland Western went public as Retail Properties of America Inc. (NYSE: RPAI) trading on the New York Stock Exchange Inc. The new REIT is the country’s third largest retail-oriented REIT with properties in 35 states across the country.
With the IPO, investors who held Inland Western shares purchased at $10 per share, suffered a loss of approximately 70% on their investment. This loss occurred after the Company approved a 10-for-1 reverse split in connection with the IPO at $8 per share. The sudden drop in value stunned some investors because Inland Western reported a per share value of $6.95—140% above the split-adjusted value for pre-IPO shares—as recently as September 2011.
Zamansky LLC is investigating claims against financial advisors and brokerages firms, such as Ameriprise, Commonwealth Financial, Gemworth, LPL, Next Financial, Primevest, Raymond James, Royal Alliance, Securities America, Transamerica or other firm, that sold Inland Western to investors. Many retirees and other investors seeking safe and conservative investors were sold Inland Western shares as safe, secure investments that lacked the volatility of the stock market. If they held long-term, investors were promised redemptions at $10.00 per share. With the IPO, investors realized losses they never knew or realized were possible based on the way Inland Western was sold to them.
If you invested in Inland Western non-traded REIT sold to you by a financial advisor or brokerage firm, please contact Jake Zamansky at 212 742-1414 firstname.lastname@example.org for a free consultation with one of our securities attorneys.