SCHORSCH REIT BILLION DOLLAR DISASTER

Schorsch REIT Disaster

schorsch reit disaster lawsuit
The share price of Nicholas Schorsch’s American Finance Trust, Inc. (AFIN) REIT plummeted since trading began on July 19

Nicholas Schorsch’s American Finance Trust, Inc. (AFIN) Real Estate Investment Trust (REIT) proved to be a stark reminder of how disastrous non-traded REITs can be for investors. Eerily reminiscent of recent $90 Million dollar settlement related to Schorsch’s Vereit Inc., we believe that company officials of AFIN have exaggerated and published overvalued share prices prior to commencing trading on the Nasdaq.

Thus, the securities law firm of Peiffer Wolf Carr & Kane has begun another investigation into Schorsch, a new investigation into Schorsch’s AFIN REIT, as well as individual investigations into any and all brokers and advisors who recommended AFIN REITs to investors. If you invested in AFIN, Contact Peiffer Wolf Carr & Kane for a FREE CONSULTATION by calling 585-310-5140 of by filling out a Contact Form on this website.

AFIN, a publicly registered non-traded real estate investment trust sponsored by AR Global, has “eroded approximately $1 billion of” the company’s equity value, according to a report last Thursday by Robert A. Stanger & Co. Inc., an investment bank. According to Stanger, the Nasdaq listing of AFIN has turned into a “belly flop.” Mr. Schorsch is not an officer at AFIN, but he is the majority owner of AR Global. According to InvestmentNews,

Just last month (June 2018), AFIN published an “estimated per share” net asset value of $23.56. On July 29, shares of AFIN were trading at $14.80. That’s 40.8% less than what a broker sold it for, and 37.2% less than the company’s independent board last month said it was worth.

As reported by InvestmentNews, “Despite the pain felt by investors, AFIN’s management inexplicably sounded pleased with the REIT’s results. AFIN shares closed at $15 after its first day of trading, $10 less than what brokers sold it for.”

Bruce Kelly of InvestmentNews stated, How on earth is the listing of AFIN an ‘optimal result’ for its shareholders? To call it anything less than a disaster is a joke.

AFIN REIT Investors who are concerned about their investments are encouraged to contact the securities attorneys at Peiffer Wolf Carr & Kane by calling 585-310-5140 of by filling out a Contact Form on this website. We can discuss your current circumstances and explore your legal options.

Did You Invest in AFIN? AFIN REIT Disaster

If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors.

Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule your FREE Case Evaluation.

VEREIT | American Realty Capital Partners | Nicholas Schorsch

In June, VEREIT, the successor to the former real estate investment company American Realty Capital Partners Inc. set up by Nicholas Schorsch, paid Vanguard Group $90 million to settle a 2016 lawsuit. As reported by Joseph DiStefano in a philly.com article, “Vanguard sued after Schorsch admitted, in public disclosures filed with the Securities and Exchange Commission in 2014 and 2015, that company officials had exaggerated profits.”

According to Vanguard Group’s lawsuit, “the true primary purpose in Schorsch’s buying spree” was “to rob from shareholders and give to himself and his friends.” Additionally, the lawsuit claimed that Schorsch “transferred hundreds of millions of dollars to entities controlled by him and by other senior insiders” in 2013 and 2014.

According to Vanguard’s lawsuit and as reported by Joseph DiStefano in a philly.com article, Schorsch and his associates overexaggerated earnings in reports, “convincing Vanguard and other professional investors to buy the stock, after certifying the company had solid financial controls and honest financial reporting.”

If you or your family have been the victim of a reckless or negligent fertility clinic or fertility medical center, please Contact the Fertility Lawyers at Peiffer Wolf Carr & Kane for FREE Consultation by filling out our simple online Contact Form or by calling 216-589-9280 or 415-766-3545.

Did You Invest in AFIN? AFIN REIT Disaster

If you believe you were a victim of investment fraud or broker misconduct, it is imperative to take action. Peiffer Wolf Carr & Kane has represented thousands of victims, and we remain committed to fighting on behalf of investors.

Contact Peiffer Wolf Carr & Kane today by filling out a Contact Form on our website or by calling 585-310-5140 to schedule your FREE Case Evaluation.

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