Wheeler Shares Soar as Appeals Court Upholds Dismissal of Lawsuit

MT Newswires Live

2024/09/07

Wheeler Real Estate Investment Trust (WHLR) shares jumped 113% in recent Friday trading after an appeals court affirmed the dismissal of a class action lawsuit filed against the company.

The US Court of Appeals for the Fourth Circuit upheld an order by a lower court to dismiss a lawsuit brought by owners of Cedar's preferred stock against Cedar, Wheeler and Cedar's former board of directors.

Wheeler acquired Cedar in 2022 and the lawsuit alleged that Cedar and its former directors breached the terms governing Cedar's preferred stock.

Price: 8.82, Change: +4.68, Percent Change: +113.04

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