RADNOR, Pa., May 06, 2018 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Colony NorthStar, Inc. (:CLNS) (“Colony NorthStar” or the “Company”) on behalf of purchasers of the Company’s securities February 28, 2017 and March 1, 2018, inclusive (the “Class Period”).
Colony NorthStar investors are encouraged to visit www.kaskelalaw.com/case/colony-northstar to receive additional information about this action and submit their information online. Investors may also contact attorney D. Seamus Kaskela at (888) 715 – 1740, or via email at [email protected], to discuss their legal rights and options with respect to this action.
The shareholder class action complaint alleges that Colony NorthStar and certain of its senior executive officers made false and misleading statements and/or failed to disclose to investors that: (i) Colony NorthStar’s Healthcare and Investment Management segments were performing worse than reported; and (ii) as a result, Colony NorthStar’s public statements were materially false and misleading at all relevant times. The complaint further alleges that, as a result of the foregoing, investors purchased Colony NorthStar’s securities at artificially inflated prices during the Class Period and sustained significant investment losses when the truth was revealed.
On March 1, 2018, Colony NorthStar reported its financial and operating results for the quarter and year ended December 31, 2017. Therein the Company disclosed to investors a goodwill impairment of $375 million attributable to its Healthcare and Investment Management segments.
Following this news, shares of the Company’s stock fell $1.78 per share, or nearly 23%, to close on March 1, 2018 at $6.00 per share.
Investors who purchased Colony NorthStar securities during the Class Period may, no later than June 5, 2018, seek to be appointed as a lead plaintiff representative of the class through Kaskela Law or other counsel, or may choose to do nothing and remain an absent class member. In order to be appointed as a lead plaintiff a class member must meet certain legal requirements.
Kaskela Law LLC exclusively prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.
Investors who wish to discuss this action, their legal rights, or submit their information to Kaskela Law LLC for review are encouraged to contact the Firm or complete the information form on this page.
CONTACT:
KASKELA LAW LLC
D. Seamus Kaskela, Esq.
201 King of Prussia Road
Suite 650
Radnor, PA 19087
(888) 715 – 1740
[email protected]
www.kaskelalaw.com
