Investor Files Class Action Lawsuit Against Colony Credit Real Estate, Inc.; Shareholders Urged to Contact The Law Offices of Timothy L. Miles

Colony Credit Real Estate, Inc. (NYSE:CLNC)

HENDERSONVILLE, TN, UNITED STATES, October 12, 2020 /EINPresswire.com/ -- The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 19 years, announces the filing of a class action lawsuit against Colony Credit Real Estate, Inc. ("Colony Credit" or "the Company") (NYSE:CLNC) (NYSE:CLNC) violations of the federal securities laws. The Colony Credit class action lawsuit is was filed in the Central District of California and captioned Peters v. Colony Credit Real Estate, Inc., No. 20-cv-08305, and was commenced on September 10, 2020.

Investors who purchased the Company's shares pursuant and/or traceable to the Company's false and/or misleading Registration Statement and Prospectus (collectively, the "Registration Statement") issued in connection with the combination of Colony NorthStar, Inc. ("Colony NorthStar") and NorthStar Real Estate Income Trust, Inc. ("NorthStar I") and NorthStar Real Estate Income II, Inc. ("NorthStar II") on or about February 1, 2018 (the "Merger"), are encouraged to contact the firm before November 9, 2020.

Colony CreditAccused of Misleading Shareholders

It is alleged in the complaint that the registration statement was materially false and misleading and failed to state: (1) that certain of Colony Credit's assets’ credit quality had deteriorated prior to the Merger and were continuing to deteriorate at the time of the Merger; (2) that certain of the company's loans, including four loans related to a New York hotel worth approximately $261 million, were substantially impaired, sufficient collateral to secure the loans was not available, and it was not likely that these loans would be repaid; (3) that, as a result, the valuation attributed to certain of the Colony Credit’s assets was overstated; (4) that, certain of the assets contributed as part of the Merger were of substantially lower value than reflected in the financial statements made public by the company and the registration statement; (5) that, as a result, the financial condition of the company's, such as its book value, was materially overstated; and (6) that, as a result of the foregoing, the positive statements in the registration statement about the Colony Credit’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Colony Credit Shareholders Urged to Contact the Firm

If you purchased Colony Credit securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.

About Timothy L. Miles

Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely awarded the recognition of American’s Most Honored Lawyers 2020 – Top 1% by the American Registry. Mr. Miles was also recently selected by Martindale-Hubbell^® and ALM as a 2020 Top Ranked Lawyer and a 2020 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell^®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019-2020). Awards: Top Rated Litigator by Martindale-Hubbell^® and ALM (2019); Elite Lawyer of The South by Martindale-Hubbell^® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV^® Preeminent™ Rating by Martindale-Hubble^® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2018-2020); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble^® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).

Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles

Leading the Fight to Protect Shareholder Rights for Over 19 Years

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Law Offices Of Timothy L. Miles
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