- Wheeler Real Estate Investment Trust (NASDAQ:WHLR) stock skyrocketed 182% on Friday during pre-market trade as the company and Cedar Realty (CDR.PR.C) (CDR.PR.B) announced dismissal of lawsuit filed by Cedar’s preferred stock holders against Cedar, Wheeler (WHLR) and Cedar’s former board of directors.
- Wheeler (WHLR) acquired all of Cedar’s outstanding common stock in August 2022.
- The complaint contained allegations against Cedar and its former directors for breach of contract related to the terms of the contract governing Cedar’s preferred stock, breach of fiduciary duty against Cedar’s former directors, and tort claims against Wheeler.
- The appellate court stated “courts are not time machines for disgruntled buyers. We resolve legal claims. And plaintiffs do not adequately allege that defendants violated any legal right or duty – they only allege that they regret the terms they bargained for.”
