REIT Investor Sues After Bad Financial News Tanked Stock

Law360 (June 9, 2021, 9:52 PM EDT) -- An investor in real estate investment trust Washington Prime Group Inc. filed a proposed class action in Ohio federal court Wednesday, accusing the company, its CEO and its chief financial officer of making intentionally false statements that, when revealed, caused the company's stock to drop significantly.

In the complaint, investor Jean-Marie Cousinou said that beginning last November — when it announced its third-quarter financial results — Washington Prime has made public statements and regulatory filings that belied the truth of its financial state.

Specifically, Washington Prime said its performance was solid despite the effects of the COVID-19 pandemic on the retail industry,...

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