Wells Timberland REIT – Investigation Over Its Markdown To $6.56 Per Share
Zamansky further investigates Wells Timberland REIT (“the Company”) over its markdown to an estimated value of $6.56 per share by its Board of Directors. The shares were offered to the public at $10 when the REIT was launched in 2006. This estimated value is not a price at which investors can sell their shares, and Wells Timberland REIT investors have likely suffered steeper losses.
Zamansky continues its investigation of the price markdown of the Wells Timberland REIT, and its sales to investors. In November 2011, Zamansky began its investigation after the Financial Industry Regulatory Authority (“FINRA”) censured and fined Wells Investment Securities Inc., the distributor of Well Timberland REITs for disclosure failures and other regulatory rules violations.
Zamansky has investigated sales of Wells Timberland REIT to investors and brokerage customers by several financial advisors including Ameriprise and LPL Financial.
The investigation concerns unsuitable sales of risky and illiquid REITs to investors, where the investor was misled about the investment or it did not meet the needs for a safe income investment. Many investors have been stuck holding illiquid REITs while the prices were re-adjusted downwards –as has happened with the Wells Timberland REIT, resulting in substantial unexpected losses.
If you are an investor in Wells Timberland REIT, or an investor who sold it for a loss, please contact Jake Zamansky at 212 742-1414, or firstname.lastname@example.org.
Zamansky is co-lead counsel for the investors in the David Lerner/Apple REIT class action lawsuit. Zamansky also represents individual investors in claims for sales practice violations concerning REITs.