Search
 

GlobeSt.com UPDATE: JDN Settles Stock Suit for $46 Mil

ATLANTA-In one of the largest securities actions involving a commercial real estate company in the US, JDN Realty Corp. is agreeing to pay an undisclosed number of individual investors $16.8 million in cash, more than $20 million in stock and other consideration.

By Alex Finkelstein | Updated on July 27, 2001

ATLANTA-JDN Realty Corp., a locally based, New York Stock Exchange-traded firm, is settling a year-old, securities class action lawsuit for an aggregate $46 million. That is the total amount JDN will record as an expense on its second-quarter earnings results, the company says in a prepared statement.

The settlement is one of the largest securities actions involving a commercial real estate company in the US, real estate lawyers familiar with the case tell GlobeSt.com on condition of anonymity.

“These settlements, under the terms of their agreements, represent a positive step for the company and its shareholders,” Craig Macnab, JDN’s president and CEO, says in a prepared statement. “They eliminate the need for costly and protracted litigation and importantly, they allow management to focus all of its resources on building its business and increasing shareholder value.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.