Did you lose money because a broker or adviser recommended Wheeler Real Estate Investment Trust?
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As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the...read more
Of the hundreds of publicly traded Real Estate Investment Trusts (REITs), one stands out for its abysmal performance: Wheeler Real Estate Investment Trust (NASDAQ: WHLR). The tumult this REIT has experienced has made it particularly toxic for risk-averse investors seeking income. Even so, some stock brokers and financial advisers continue to advise their clients to buy it.
Wheeler owns and manages shopping centers, often anchored by grocery stores, in secondary real estate markets (generally avoiding the largest U.S. cities). Since its public offering in 2012, Wheeler’s shares have plummeted from $48 to $1.10 as of January 25, 2019. The past year was a bad one for Wheeler: it fired its CEO Jon Wheeler, seen the parent company of its largest tenant, BI-LO, file for bankruptcy and been torn by a proxy fight. In December, it suspended payment of preferred dividends in order to pay down its debt.
If you bought Wheeler on your own, you likely won’t be able to recoup your losses. But if a broker or adviser recommended it to you or to a loved one, it may be possible to recover some or all of the lost funds through a process known as FINRA arbitration. FINRA arbitration is a unique, narrow area of the law. The attorneys at Epperson & Greenidge have extensive experience within FINRA and we specialize in bringing these arbitration claims on behalf of investors. We accept all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so call 877-445-9261 now to speak to an attorney for a free consultation.