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Hagens Berman Announces Investigation of Apple REIT CompaniesBERKELEY, Calif. --(Business Wire)-- Hagens Berman today announced that it is investigating several real estate trusts, including Apple (News - Alert) REIT's Six, Seven, Eight, Nine and Ten ("Apple REIT") and David Lerner Associates, Inc. ("DLA") after a lawsuit was filed alleging that the companies made false and misleading statements to investors. Apple REIT purports to be non-listed, public, real estate investment trusts (REIT). Trusts were reportedly sold to investors through DLA. The amended lawsuit, filed on June 21, 2011, in the U.S. District Court for the District of New Jersey, alleges that the defendants misstated the business model of the trust and failed to disclose the risks associated with the investment. The lawsuit follows a complaint filed by the Financial Industry Regulatory Authority ("FINRA") alleging that DLA sold shares to seniors and unsophisticated investors, misleading them about the risks and model of the trusts. Hagens Berman is investigating these claims and wishes to hear from investors who purchased trusts from June 16, 2008, to the present. "All investors need honest and reliable disclosure before putting their money at risk," said Partner Reed Kathrein, who is leading the firm's investigation. "If DL preyed upon unsophisticated investors and seniors by making false statements about the trusts' potential performance, they should be held to account." Investors who purchased trusts from DLA between June 16, 2008, and the present are encouraged to contact Mr. Kathrein at 510-725-3000 or through email at [email protected]. Those who seek lead plaintiff status must file a motion before August 16, 2011. Additional information is also available at www.hbsslaw.com/AppleREIT. About Investor Fraud Practice Hagens Berman is a nationally recognized investor-rights law firm that provides highly acclaimed fraud recovery and asset protection services to individual and institutional investors. For an in-depth discussion of securities fraud, corporate governance and investor rights, please visit our Investor Fraud website or our Meaningful Disclosure blog. About Hagens Berman Seattle-based Hagens Berman Sobol Shapiro LLP is one of the top class-action law firms in the nation, with offices in Boston, Chicago, Colorado Springs, Los Angeles, Minneapolis, New York, Phoenix, San Francisco and Washington, D.C. Founded in 1993, we represent plaintiffs in class actions and multi-state, large-scale litigation that seek to protect the rights of investors, consumers, workers and whistleblowers. More information about the firm is available at www.hbsslaw.com.
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