The Parking REIT, Inc. | Goodman & Nekvasil, P.A., May Recover Investor Losses
Update 9-25-19: Goodman & Nekvasil, P.A. has been contacted by an investor who invested in The Parking REIT. On June 28, 2018, The Parking REIT board of directors suspended its share repurchase plan, other than for repurchases in connection with a shareholder’s death. The Parking REIT plans to utilize the cash savings to further its business operations. The Parking REIT’s board of directors may in the future reinstate the share repurchase plan, although there is no assurance as to if or when this will happen. If the board of directors does not reinstate the share repurchase plan, the contemplated listing event, if and when it occurs, would provide an opportunity for shareholders to liquidate their shares on the secondary market.
The Parking REIT continues to believe that an eventual listing of its shares on a national stock exchange would be in the best interest of its shareholders as it would provide potential liquidity for shareholders. The company intends to continue to pursue and complete a listing event as soon as practicable, depending upon market, regulatory and other conditions, many of which are beyond the company’s control. At this time, the company can provide no assurances as to if or when it will be able to resolve listing-related issues or satisfy the other requirements for a successful listing event. The company will notify shareholders when additional information becomes available regarding the potential timing for a company listing event. Except in the case of death, the board of directors has suspended the share repurchase program as the company pursues listing its shares. The contemplated listing event applies to common shareholders only. Holders of Series A and Series 1 preferred stock will have an option to redeem their investment any time beginning 45 days after a listing event, if any. If you are a holder of Series A or Series 1 preferred stock, please check your private placement memorandum for additional details.
The Parking REIT, Inc. f/k/a MVP REIT II, Inc. is a publicly registered, non-listed REIT that invests primarily in parking lots and garages in the United States. The Parking REIT is managed by MVP Realty Advisors, LLC. The Parking REIT recently notified the SEC that it would be unable to file a timely annual report. Further, Mackenzie Realty Capital earlier this year offered to purchase shares of The Parking REIT for $12.17 per share. The original purchase price was $25 per share.
Non-traded REITs are risky and complicated investments. Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, continues to investigate brokerage firms that placed elderly retirees and other conservative investors in high-risk investments such as The Parking REIT, Inc.
Goodman & Nekvasil, P.A., has filed hundreds of cases against brokerage firms selling high-risk investments and has recovered more than $180 million dollars on behalf of victimized investors. We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives. All our cases are handled on a purely contingency fee basis.
You may have the right to recover your losses from the brokerage firm that sold The Parking REIT, Inc. and other high-risk investments to you. We strongly recommend that you act quickly, however, because statutes of limitation can be short in securities cases.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. We would like to discuss the possibility of your retaining our firm to represent you in an arbitration action.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of these investments in any way.
If you incurred losses on your investment in The Parking REIT, Inc. and/or other high-risk investments and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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