Behringer Harvard REIT I Shareholder Class Action Lawsuit

The real estate investment trust Behringer Harvard, which is headquartered in Addison, Texas and owns more than 55 commercial properties in over 20 states, is facing a lawsuit which was filed in the U.S. District Court representing the Northern District of Texas. The lawsuit was filed by an investor who alleges that the management at Behringer Harvard violated federal securities laws and failed to uphold their fiduciary responsibilities. 

If you have purchased shares of Behringer Harvard REIT I between February 19, 2003 and today, call 1-800-934-2921 right now to protect your rights.

Filing deadline:  11/19/2012

The plaintiff in the lawsuit alleges that the Board of Directors, parent company, and management team for Behringer Harvard misled investors by making statements that were inaccurate and withholding relevant information. The plaintiff further alleges that gross mismanagement at Behringer Harvard has led to the stock losing more than half of its value, from a high of around $10.00 per share to a low estimated at $4.64 per share according to SEC forms filed by Behringer Harvard in December of 2011. According to the lawsuit, prices of the stock have even traded as low as $2.40 per share in the secondary market. 

Behringer Harvard REIT I has issued a total of three public offerings, with the first public offering on February 19, 2003, the second public offering on February 11, 2005, and the final public offering on October 20, 2006. The lawsuit also details other allegations against Behringer Harvard, including the accusation that the real estate investment trust was really a Ponzi scheme that paid dividends to its current shareholders by using proceeds from public stock offerings instead of cash generated by the business. 

The plaintiff also highlights the foreclosure of two properties, and the likelihood that more properties will be foreclosed in the future as further evidence of the poor financial health of Behringer Harvard REIT I. The defendant is also accused of deliberately making it more difficult for investors to divest of their stock by changing the company’s charter.

Own shares of Behringer Harvard REIT I? Contact us to protect your rights.

If you have purchased shares of Behringer Harvard REIT I between February 19, 2003 and today, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights. 

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