Inflated Share Suit Against CNL Lifestyle Tossed By Judge

Law360, Los Angeles (November 27, 2013, 8:54 PM ET) -- A Florida federal judge on Wednesday tossed a putative class action brought against real estate investment trust CNL Lifestyle Properties Inc. and its directors by shareholders who said the defendants breached fiduciary duties regarding the pricing of the shares sold in CNL’s dividend reinvestment plan.

Named plaintiffs William Allyn and Virginia Newkirk brought the suit against CNL and five directors earlier this year, saying participants in CNL’s DRP purchased shares at the inflated price of $9.50 a share until August 2012. By selling CNL shares to...
To view the full article, take a free trial now.
Try Law360 for free for seven days
Already a subscriber? Click here to login

Already have access?

  1. Forgot your password?
  2. Sign In

Get instant access to the one-stop news source for business lawyers

Required

Case Information

Case Title

Allyn et al v. CNL Lifestyle Properties, Inc. et al

Case Number

6:13-cv-00132

Court

Florida Middle

Nature of Suit

Stockholders Suits

Judge

Charlene Edwards Honeywel

Date Filed

January 17, 2013

Sections

Law Firms Mentioned

Companies Mentioned