David Lerner Associates Sued Over $6.8 Billion in REITs
This article is for subscribers only.
David Lerner Associates Inc. was sued by investors who claimed it acted negligently in the sale and underwriting of more than $6.8 billion in shares of the Apple Real Estate Investment Trusts.
The brokerage firm, known for its founder’s “Take a tip from Poppy” advertising slogan, misstated the business model of the REITS and misrepresented the value of shares and returns for investors, according to a complaint filed today in federal court in Newark, New Jersey.