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Shares of REIT Wheeler soar 96% after appeals court dismisses class action lawsuit

Posted on by Vaseline

Shares of Wheeler Real Estate Investment Trust surged 143% Friday morning after an appeals court dismissed a class action lawsuit against the company over its August 2022 acquisition of Cedar Realty Trust Inc.

The lawsuit was filed by the owners of Cedar’s preferred stock against Cedar, Wheeler and Cedar’s former board of directors.

The ruling by the U.S. Court of Appeals for the Fourth Circuit affirmed the 2023 ruling by the U.S. District Court for the District of Maryland, stating that “courts are not time machines for disgruntled buyers. We resolve legal claims. And (plaintiffs) do not adequately allege that (defendants) violated any legal right or duty — they merely allege that they regret the terms they negotiated for.”

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