Piedmont Office Realty Trust, Inc. (NYSE:PDM) Investor Investigation Over Potential Securities Laws Violations Announced

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Company Name(s): 
Piedmont Office Realty Trust
Affected Securities: 
NYSE: PDM

May 8, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Piedmont Office Realty Trust, Inc. (NYSE:PDM) shares over potential securities laws violations by Piedmont Office Realty Trust and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Piedmont Office Realty Trust, Inc. (NYSE:PDM) concerning whether a series of statements by Piedmont Office Realty Trust regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Piedmont Office Realty Trust, Inc. reported that its annual Total Revenue declined from $584.77 million in 2015 to $555.72 million in 2016 and that its Net Income increased from $4.67 million in 2015 to $9.32 million in 2016.

Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) grew from $16.78 per share in September 2015 to $22.85 per share in February 2017.

On May 3, 2017, Piedmont Office Realty Trust, Inc reported its first quarter 2017 results and revealed that it had not properly accounted for goodwill regarding real estate assets sold or held for sale in prior periods. Due to these errors, Piedmont Office Realty Trust, Inc estimates a reduction in earnings for the years ended December 31, 2016, 2015 and 2014 of about $8.2 million, $41.7 million and $2.4 million, respectively.

Shares of Piedmont Office Realty Trust, Inc. (NYSE:PDM) declined to $20.93 per share on May 4, 2017.

On May 8, 2017, NYSE:PDM shares closed at $21.54 per share.