Lightstone REITs Win Reprieve from Shareholders’ Liquidity Suit

A trio of Lightstone real estate investment trusts, their advisors, and directors beat allegations they gave shareholders deficient documents to vote on amending their charters.

The investors didn’t plead any facts for the court to infer that Lightstone REITs’ CEO and others failed to disclose an improper motive behind the changes, Judge Michael A. Shipp said Sunday. The 2022 paperwork sufficiently disclosed limits on giving out lists of shareholders, an extension of time limits for liquidation, and other issues, the US District Court for the District of New Jersey judge said in a Sunday opinion.

The investors said since the ...