BOCA RATON, Fla., June 2, 2011 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes ("K&T"), , announced today that it is investigating the sales practices of David Lerner & Assoc. ("DLA") who solicited many of its customers to invest in illiquid real estate investment trusts ("REITs") called Apple REITs. Earlier this week, the Financial Industry Regulatory Authority ("FINRA") announced that it filed a complaint against DLA, charging the firm with soliciting investors to purchase shares in Apple REIT Ten without conducting a reasonable investigation to determine whether it was suitable for investors, and with providing misleading information on its website regarding Apple REIT Ten distributions. FINRA further stated that DLA has sold and continues to sell Apple REIT Ten targeting unsophisticated and elderly customers with unsuitable sales of the illiquid security.
Since January 2011, DLA recommended and sold over $300 million of Apple REIT Ten, a $2 billion REIT. As the sole underwriter for Apple REITs since 1992, DLA has sold nearly $6.8 billion of the securities in about 122,600 DLA customer accounts. Accordingly, K&T is investigating potential claims on behalf of DLA customers who were solicited to purchase Apple REITs from the firm, including Apple REIT Ten. Our law firm has significant experience in handling claims regarding REITs, and has represented customers of DLA who have complained about Apple REITs and the misrepresentations made to them concerning these illiquid products.
The attorneys at K&T are dedicated to aggressively pursuing claims on behalf of investors who have suffered investment losses. K&T, an experienced, qualified and nationally recognized securities litigation law firm, practices exclusively in the field of securities arbitration and litigation. It continues its representation of investors throughout the world in securities arbitration and litigation matters against major Wall Street brokerage firms.
If you invested in Apple REITs and wish to discuss your legal options at no obligation, please contact Steven D. Toskes, Esquire or Jahan K. Manasseh, Esquire of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com
CONTACT: Klayman & Toskes 888-997-9956