TRADE STREET RESIDENTIAL, INC. INVESTOR ALERT: Faruqi & Faruqi, LLP Announces the Investigation of Trade Residential, Inc. Over the Proposed Sale of the Company to Independence Realty Trust, Inc. - TSRE
May 11, 2015 – Juan E. Monteverde, a partner at Faruqi & Faruqi, LLP, a leading national securities firm headquartered in New York City, is investigating the Board of Directors of Trade Street Residential, Inc. (“Trade Street” or the “Company”) (Nasdaq: TSRE) for potential breaches of fiduciary duties in connection with the sale of the Company to Independence Realty Trust, Inc. (“IRT”) (NYSE MKT: IRT) in a cash and stock deal. According to the terms of the deal, the Company’s stockholders will receive $3.80 in cash and 0.4108 shares of IRT for each share of Trade Street common stock they own. The deal values each Trade Street share at approximately $7.60, based on an agreed upon reference price of $9.25 for IRT shares. Interestingly, analysts have set price targets as high as $9.50 for a share of Trade Street, which means the deal values each share approximately $1.90 less than analysts do.
The investigation focuses on whether Trade Street’s Board of Directors breached their fiduciary duties to the Company’s stockholders by failing to conduct a fair sales process and whether and by how much this proposed transaction undervalues the Company to the detriment of Trade Street’s shareholders.
If you own common stock in Trade Street and wish to obtain additional information and protect your investments free of charge, please contact Juan E. Monteverde, Esq. either via e-mail at firstname.lastname@example.org or by telephone at (877) 247-4292 or (212) 983-9330.
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