On October 30, 2013, Chimicles & Tikellis LLP filed the first shareholder class action in Maryland, in the Circuit Court for Baltimore City, captioned Operman v. Cole Real Estate Investments, Inc., et al., challenging the proposed Merger of Cole Real Estate Investments, Inc. (“Cole REIT”) and American Realty Capital Properties, Inc. (“ARCP”), which was announced on October 22, 2013. The litigation was filed by investors Joseph Operman and Marjorie Rodgers (collectively “Plaintiffs”) on behalf of a class of Cole REIT shareholders against Cole REIT, Cole REIT’s board of directors and ARCP (collectively “defendants”).
Plaintiffs’ assert that Defendants breached their fiduciary duties to Cole REIT shareholders in connection with the Merger. Among other things, Plaintiffs allege that the Merger Consideration is inadequate, that Christopher Cole is being unfairly compensated in the Merger to the detriment of Cole REIT shareholders, that defendants engaged in an unfair process in negotiating the Merger, and that, as proposed, the Merger is not in the best interests of Cole REIT’s shareholders.
If you are a Cole REIT shareholder and would like to discuss this matter, or have pertinent information, please contact the attorneys for this case via the “Email us about this Case” form.