An investigation for investors in Consolidated-Tomoka Land Co. (NYSEMKT:CTO) shares over potential securities laws violations by Consolidated-Tomoka Land in connection certain financial statements was announced.
Investors who purchased shares of Consolidated-Tomoka Land Co. (NYSEMKT:CTO), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Consolidated-Tomoka Land Co. (NYSEMKT:CTO) concerning whether a series of statements by Consolidated-Tomoka Land regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On December 17, 2015, Wintergreen Advisers, LL, who holds about 26% of Consolidated-Tomoka Land Co’s outstanding stock, announced that it sees possible securities law violations at Consolidated-Tomoka Land Co.
Wintergreen Advisers, LLC announced that it submitted a letter to the independent directors of Consolidated-Tomoka Land Company. Wintergreen said it believes Consolidated-Tomoka Land Co’s recent public filings have not met the standards set forth in various federal securities laws. Furthermore, Wintergreen Advisers, LLC said it believes that Consolidated-Tomoka Land Co’s management, led by John Albright, is allegedly actively trying to deceive shareholders with filings, investor presentations, and disclosures that obfuscate, confuse and hide what is really going on at Consolidated-Tomoka Land Co, including the trading of a blind pool with borrowed money.
In addition, Wintergreen Advisers, LLC said it believes that Consolidated-Tomoka Land Co’s management violated both the letter and the spirit of multiple laws, and in light of this, expects CTO’s Board of Directors to conduct a thorough and independent inquiry.
On December 18, 2015 Consolidated-Tomoka Land Co. acknowledged receipt of a letter dated December 17, 2015, to the Company’s independent directors from Wintergreen Advisors, LLC. Consolidated-Tomoka Land Co. said that its Board, Company management and their legal advisors considered the allegations and believes that such allegations are inaccurate and without merit.
On January 25, 2016, NYSEMKT:CTO shares closed at $44.95 per share.
Those who purchased shares of Consolidated-Tomoka Land Co. (NYSEMKT:CTO) have certain options and should contact the Shareholders Foundation.
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