NEW YORK, May 16, 2018 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Colony NorthStar, Inc. ("Colony NorthStar" or the "Company") (NYSE: CLNS) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 18-cv-03520, is on behalf of a class consisting of investors who purchased or otherwise acquired Colony NorthStar securities between February 28, 2017, through March 1, 2018, both dates inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Colony NorthStar securities between February 28, 2017, and March 1, 2018, both dates inclusive, you have until June 5, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
Colony NorthStar operates as a real estate investment trust. The Company invests in healthcare, industrial, and hospitality sectors, as well as offers equity and debt management services. Colony NorthStar serves customers globally. The Company resulted from the January 2017 merger between Colony Capital, Inc., NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose 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.
On March 1, 2018, Colony NorthStar reported its financial and operating results for the quarter and year ended December 31, 2017, announcing a goodwill impairment of $375 million, attributable to the Company's Healthcare and Investment Management segments.
On this news, Colony NorthStar's share price fell $1.78, or 22.88%, to close at $6.00 on March 1, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
888-476-6529 Ext. 9980
SOURCE Pomerantz LLP