Colony NorthStar Inc (NYSE: CLNS) Investor Securities Class Action Lawsuit 04/06/2018

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Company Name(s): 
Colony NorthStar
Case Name: 
Colony NorthStar Shareholder Class Action Lawsuit 04/06/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: CLNS
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/06/2018
Class Period Begin: 
02/28/2017
Class Period End: 
03/01/2018
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
06/05/2018
Summary: 

July 18, 2018 - Lead plaintiff and lead counsel were appointed.

June 5, 2018 - Lead plaintiff motions were filed.

April 6, 2018 - An investor in shares of Colony NorthStar Inc (NYSE: CLNS) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Colony NorthStar Inc in connection with certain allegedly false and misleading statements made between February 28, 2017 and March 1, 2018.

Los Angeles, CA based Colony NorthStar Inc is a diversified equity REIT with an embedded institutional and retail investment management business.

On January 10, 2017, NorthStar Asset Management Group Inc, Colony Capital Inc and NorthStar Realty Finance Corp closed their merger announced in 2016 with $56 billion of assets under management.

On February 28, 2017, Colony NorthStar Inc reported its fourth quarter 2016 financial results. Among other things, Colony NorthStar Inc updated its 2017 guidance.

Shares of Colony NorthStar Inc (NYSE: CLNS) reached $14.35 per share in July 2017.

On March 1, 2018, Colony NorthStar Inc announced its fourth quarter and full year 2017 financial results. Colony NorthStar Inc reported that its annual Total Revenue rose from $208.47 million in 2016 to $720.34 million in 2017 and that its Net Income of $24.65 million in 2016 turned into a Net Loss of $294.58 million in 2017.

Shares of Colony NorthStar Inc (NYSE: CLNS) declined from $9.00 per share in early February 2018 to as low as $5.28 per share on March 1, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Colony NorthStar Inc (NYSE: CLNS) common shares between February 28, 2017 and March 1, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 28, 2017 and March 1, 2018, the defendants made false and/or misleading statements and/or failed to disclose that Colony NorthStar Inc’s Healthcare and Investment Management segments were performing worse than reported and that as a result, Colony NorthStar Inc’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.