Inflated Share Suit Against CNL Lifestyle Tossed By Judge

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...
To view the full article, register now.




Case Information

Case Title

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

Case Number



Florida Middle

Nature of Suit

Stockholders Suits


Charlene Edwards Honeywel

Date Filed

January 17, 2013

Law Firms


UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.