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Investors who held Wheeler Real Estate Investment Trust Inc. common stock as of Aug. 16, 2021, or purchased Wheeler common stock between Aug. 16, 2021, and Sept. 20, 2023, may be eligible to receive a cash payment from a class action settlement.
Individual and fund defendants of Wheeler Real Estate Investment Trust agreed to pay $7,125,000 to settle a class action lawsuit alleging Wheeler’s directors and affiliated parties breached their fiduciary duties under Maryland law.
Who are the class members?
The settlement class includes investors who meet either of the following criteria:
- They held Wheeler common stock as of Aug. 16, 2021.
- They purchased Wheeler common stock between Aug. 16, 2021, and Sept. 20, 2023.
Additional details
- Both individuals and entities are eligible.
- Class members are not required to still hold Wheeler common stock today.
How much is the Wheeler payout?
The total settlement fund is $7,125,000. Class members will receive payment based on several factors:
- The number of valid claims submitted
- Each claimant’s recognized loss as calculated under the court approved plan of allocation
- Court-approved deductions for attorneys’ fees, expenses, taxes and settlement administration costs
The settlement administrator will distribute payments on a pro rata basis.
- Only claimants who suffered a net overall loss on Wheeler common stock transactions during the class period are eligible to receive a payment.
- The settlement administrator will reduce payments on a pro rata basis if the total amount of claims exceeds the fund.
- Claimant’s whose calculated payment would be less than $10 will not receive a distribution.
How to claim a settlement payment
Class members can file a claim online or download, print and complete the PDF claim form and mail it to the settlement administrator. The claim deadline is March 24, 2026.
Settlement administrator's mailing address: Wheeler REIT Settlement, c/o Verita Global LLC, P.O. Box 301170, Los Angeles, CA 90030-1170
Proof or documentation required to submit a claim
- All class members must provide the last four digits of their Social Security number or their full taxpayer identification number.
- They must also provide purchase, acquisition and sale information for Wheeler common stock, including:
- Trade dates
- Number of shares purchased, acquired or sold
- Total purchase, sale or acquisition price
- Class members must submit documentation to support all Wheeler common stock transactions and holdings, including the number of shares held at the close of trading on Aug. 13, 2021, and Aug. 20, 2025. Acceptable forms of proof include:
- Broker confirmation slips
- Broker account statements
- Authorized statements from a broker containing transaction information
- Other documentation the claims administrator deems adequate
Claims submitted on behalf of another person or entity must be accompanied by documentation showing authority to act, such as letters testamentary, letters of administration or trust documents.
Payout options
- Physical check
$7.125 million settlement fund
The $7,125,000 settlement fund includes:
- Settlement administration costs: Amount not specified
- Attorneys’ fees: Up to $1,995,000
- Attorneys’ expenses: Up to $665,000
- Service awards to class representatives: Up to $50,000 total
- Payments to eligible class members: The remainder after the fund
Important dates
- Opt-out deadline: March 10, 2026
- Deadline to file a claim: March 24, 2026
- Fairness hearing: March 31, 2026
When is the Wheeler REIT settlement payout date?
The settlement administrator will issue payments to eligible class members after the court grants final approval and resolves any appeals.
Why is there a class action settlement?
The lawsuit alleged that Wheeler’s directors and affiliated funds breached their fiduciary duties by engaging in transactions that allegedly diluted or deflated the value of Wheeler common stock.
Wheeler and the named defendants deny all allegations of wrongdoing and liability but agreed to settle to avoid the risks, costs and delays of further litigation.
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