Turner Insurance Agency, Inc. v. Farmland Partners Inc.

Bernstein Liebhard is sole lead counsel representing the lead plaintiffs in a securities fraud class action entitled The Turner Insurance Agency, Inc., et al., v. Farmland Partners Inc., No. 18-cv-02104-DME-NYW (D. Col.).  Lead plaintiffs allege that the defendants issued materially false and misleading statements and omissions concerning the company’s business, operational and financial results in violation of Section 10(b) of the Securities Exchange Act.  Specifically, lead plaintiffs allege that the defendants materially misled investors about Farmland’s new loan program through which the company predominantly made loans to related-parties without disclosing the identity of the borrowers and nature of their relationships to key company executives.  Accordingly, investors were materially misled about the true nature, risk, and purpose of the loan program.  On June 18, 2019, the District Court denied defendants’ motion to dismiss the amended complaint in its entirety and sustained all of the lead plaintiffs’ claims.  The action is pending.