Inflated Share Suit Against CNL Lifestyle Tossed By Judge
By David McAfee
Law360, Los Angeles (November 27, 2013, 8:54 PM EST) -- 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...