David Lerner Associates, Inc. a privately-held securities broker/dealer based in Syosset, NY, announced today the complete dismissal of the class action lawsuit In re Apple REITs Litigation, 11-cv-02919 (E.D.N.Y).
The court dismissed all federal securities law claims as well as the state law claims against David Lerner Associates, Inc. The dismissal, issued by U.S. District Judge Kiyo A. Matsumoto April 3, 2013 in federal court in Brooklyn, NY was ordered with prejudice (denying plaintiffs’ request for leave to amend the complaint).
“David Lerner Associates, Inc. is pleased that the federal court’s decision completely dismisses all of the class action’s federal securities law claims as well as the state law claims against our firm,” said John Dempsey, the firm’s president. “In the wake of this vindication in the class action suit, David Lerner Associates, Inc. will continue its focus on serving its customers and the investing public.”
Judge Matsumoto’s ruling stated that, “plaintiffs’ belabored Complaint appears only to confirm that the Apple REITs are currently functioning in exactly the manner that was anticipated and disclosed in the REITs’ prospectuses and other offering documents.”
Read the complete 57-page Class Action ruling here:
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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates 1 877 367 5960 http://www.davidlerner.com