Notice and Claim Form Mailed
Notice of Pendency mailed
- 02/01/2013: Notice and Claim Form Mailed
Can I participate in a securities lawsuit if I purchased
additional shares before or after the Class Period?
Yes. Normally, only those shares purchased during the Class Period will be subject to the litigation and have a Recognized Claim amount. However, shares you held prior to the Class Period may be used in matching sales during the Class Period on a first-in, first-out basis.
I acquired shares in my 401(k), IRA account or other
pension plan. Can I still participate?
In many instances, as long as the shares were purchased during the Class Period, you can participate. However, make sure the Plan is not filing a claim on behalf of all Plan purchases. If you are no longer in a Plan, ask the retirement plan administrator whether you should file on your own behalf. You will have to submit sufficient documentation and information of all applicable holdings, purchase and sale transactions.
What should I send in as documentation?
Documentation generally consists of copies of your brokerage statements or purchase and sale confirmation slips verifying the transactional information such as the security, the transaction date, the number of shares, the price per share and the total amount paid or received. The documentation should also show the name of the claimant. If you do not have these types of documents in your possession, you should consult your broker or financial advisor. Your monthly statements should show your holdings just prior to the Class Period and at the end of the Class Period.
What is a CUSIP number and ticker symbol?
A CUSIP number is a code used to identify securities sold in North America. They are 9 characters in length and are alphanumeric. A Ticker Symbol is a unique abbreviation used to identify specific securities that are traded on an open market or stock exchange.
Can I sell my stock after the Class Period and still be
part of the lawsuit?
Yes, in most cases. However, always refer to the Plan of Allocation in the Notice you received. In the majority of cases it is not necessary for you to retain ownership of the stock after the Class Period has expired to participate in the lawsuit.
If I made money on the stock, can I still
That depends on the Plan of Allocation. Sometimes transactions with gains have a zero recognized claim. In some actions, if your overall investment in a certain stock during the Class Period resulted in a loss (realized or not), you may participate in the lawsuit.
If I own a certain stock, am I part of the related
securities class action lawsuit?
Not necessarily. You must look at the Class definition. In some cases, if you purchased shares of the company's stock during the Class Period, you are a class member. In other cases, you may have had to hold the stock on a certain day or during a certain period.
You may be a member of one or more of the following classes which are collectively referred to as the "Classes."
Class in the Wells Action: The Court certified the Wells Action to proceed as a class action on behalf of: All Piedmont shareholders (including their heirs, successors, and assigns) who were entitled to vote on the proposals in Piedmont's Schedule 14A Proxy Statement dated February 26, 2007, as amended or supplemented. If you previously excluded yourself from the Wells Rule 23(b)(3) Class, you are no longer a Wells Class member.
Classes in the Piedmont Action: The Court has preliminarily certified the Piedmont Action to proceed as a class action on behalf of Piedmont shareholders (including their heirs, successors, and assigns):
(a) who held shares of Piedmont at the time of the tender offer by Lex-Win Acquisition LLC ("Lex-Win") between May 25, 2007 and July 20, 2007, and who did not tender their shares to Lex-Win (the "Tender Offer Class"); and,
(b) of record as of October 2, 2007 who were entitled to vote on the proposals in Piedmont's Schedule 14A Proxy Statement dated October 16, 2007 (as amended and supplemented on October 19, 2007 and November 2, 2007) (the "Proxy Class").
The Proxy Class and the Tender Offer Class are collectively referred to as the "Piedmont Settlement Classes."
Plaintiff filed a Complaint against Defendants and alleged that the Class was injured by Defendants' omission of certain material information from the Proxy, through which the Defendants solicited and obtained shareholder votes to approve the Internalization in violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act"). Plaintiff alleges that the Defendants failed to supplement the Proxy to disclose the existence of proposals made by a third party to purchase all of the shares of Wells REIT, as well as the fact that the third party placed a higher value on the shares if the Internalization was not consummated. The price at which Wells REIT issued shares to acquire the Advisor in the Internalization was less than what the third party offered to pay for the shares.
Defendants deny all of Plaintiff's allegations and claims. Defendants contend that the lawsuit has no merit and the evidence does not support Plaintiff's claims. Defendants deny they engaged in any misconduct.