Colony Credit Real Estate, Inc.
The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired Colony Credit Real Estate, Inc. (“Colony Credit” or the “Company”) (NYSE: CLNC) securities during the period from January 29, 2018 through September 10, 2020 (the “Class Period”). Investors have until November 9, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
According to the Complaint, the Company made false and misleading statements to the market. Colony Credit’s assets suffered from deteriorating credit quality in advance of the Merger. Four of the Company’s loans, totaling $261 million and related to a New York Hotel, were not only impaired, but also suffered from insufficient collateral and were unlikely to be repaid. As a result, assets that were part of the Merger were materially overstated. Based on these facts, the Company’s public statements and Registration Statement were false and materially misleading throughout the Merger period. When the market learned the truth about Colony Credit, investors suffered damages.
If you acquired Colony Credit securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at firstname.lastname@example.org, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.