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Our law firm is investigating securities arbitration claims against full-service brokerage firms who sold Wells Timberland REIT. On December 14, 2012, the board of directors of Wells Timberland REIT announced an estimated value of $6.56 per share of common stock in the REIT. For investors who purchased shares of the REIT at the offering price of $10 per share, this re-valuation represents a loss of about 35%. As the REIT most likely trades for significantly less on the secondary market, investors appear to have suffered even more losses.
Many investors purchased Wells Timberland REIT at the recommendation of their brokers who advised them that it was a low risk investment, thereby misrepresenting the product. In some cases, brokers may have put a substantial portion of their client’s assets in the REIT, resulting in an unsuitable over-concentration in a single product. Further, some investors were never advised of the illiquidity of the product when solicited to purchase the REIT. Consequently, Wells Timberland REIT investors may be able to recover some of their losses by filing an individual securities arbitration claim against their full service brokerage firm, for sales practice violations which led to substantial losses in their investment portfolios.
Investors who purchased Wells Timberland REIT or other REITs from a full-service brokerage firm can contact KlaymanToskes to explore their legal rights and options. KlaymanToskes is presently pursing claims on behalf of investors who sustained losses by purchasing REITs including Apple REITs sold by David Lerner Associates, Inland Western REIT n/k/a Retail Properties of America, Inland American, KBS REIT, AmREIT, Behringer Harvard REITs, and Cornerstone Core Properties REIT.