Kenner Nygaard DeMarea Kendall is investigating a possible securities class action for purchasers of Inland American Real Estate Trust, Inc. REITs. Inland American recently changed its name to InvenTrust Properties Corp., but it is the same company. Was this done to minimize the cloud of the SEC’s lengthy investigation of “Inland American”? The SEC investigated Inland American for three years but took no action against it. Kenner Nygaard DeMarea Kendall is working to form a class action to recover investors’ losses. Shareholders have lost over 60% of their investment, even after the Xenia spin-off.
Inland American, now InvenTrust, has been the largest issuer of non-traded REITs in the U.S. Non-traded REITs are not traded on a stock exchange. They have large up-front sales fees, and ongoing fees. Inland American’s executives have been sued for self-dealing. They allegedly paid excessive management fees to the company’s affiliated management company and sold their own stock at inflated prices. This REIT has been a disaster for investors.
Ameriprise, LPL, and other brokerage firms sold millions of shares of Inland American REITs. Commissions paid to these brokers were higher than 7%, and extra commissions were given to brokers at Ameriprise and other firms without disclosing that fact to investors. Inland American (InvenTrust) has used investors’ own money to make “distributions” to them. This has misled investors into thinking that they have a safe, income-generating investment. Nothing could be further from the truth.
Inland American (InvenTrust) REIT, like many non-traded REITs, also recently announced a reduction in its per share value, dropping from $10 per share to under $5 a share.
If you invested in Inland American (InvenTrust) REIT and have losses, please contact Diane Nygaard at (913) 485-5014 or contact us by e mail.Contact Us