Apple REITs Eight, Nine and Ten
Additional plaintiffs were added in the class action suit filed against Apple REITs Eight, Nine and Ten. The suit was originally filed in June by disgruntled investors. The new plaintiffs include alleged investors in the three REITs from New York, Connecticut and Florida. The amended suit no longer includes investors of Apple REIT Six and Seven. It also added several Apple REIT entities and their directors as defendants, including Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., and Apple Fund Management, LLC. Apple REITs continue to say that the complaints are without merit and that they intend to defend against them vigorously.
James River Coal
The company completed an offering to exchange $275 million in senior notes due 2019.
Director Richard Sharp said he is retiring from the board for personal reasons effective at the company’s annual meeting Dec. 16. The company said Sharp, who is the former chief executive of Circuit City and co-founder of CarMax, indicated a desire to continue his involvement with the company through a consultancy arrangement. In that position, Sharp would advise the company and its Rock Creek Pharmaceuticals subsidiary in the marketing and distribution of Anatabloc and other products.
Director Charles Foster Jr. cashed out 334 stock units valued with an exercise price of $39.04 each, a payout of about $13,000.
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