Whitestone REIT
| Company Name | Whitestone REIT |
| Stock Symbol | WSR |
| Class Period | May 09, 2018 to February 27, 2019 |
| Lead Plaintiff Motion Deadline | June 17, 2019 |
On February 27, 2019, after the market closed, the Company revealed that its 2018 financial results for the periods ending March 31, June 30, and September 30 could no longer be relied upon and would be restated, based on a review by auditing committee of Whitestone’s board of trustees.
On this news, shares of Whitestone fell $1.24 per share, or over 8%, to close at $13.01 on February 28, 2019, thereby injuring investors.
The complaint filed in this class action 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: (1) the Company lacked effective internal control over financial reporting; (2) Whitestone was incorrectly recognizing assets and liabilities associated with its contribution to Pillarstone Capital REIT Operating Partnership LP; (3) the Company's financial statements for the fiscal year 2018 were overstating revenues; (4) the Company's financial statements for the fiscal year 2018 could no longer be relied upon; and (5) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
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