Cedar Realty and Wheeler announce dismissal of preferred stock class action lawsuit

CEDAR REALTY TRUST, INC.

U.S. District Court for Maryland dismissed putative class action Kim et al. v. Cedar Realty et al. without leave to amend on Aug 1, 2023.
Lawsuit by preferred stockholders alleged breach of contract, breach of fiduciary duty by former board, and tort claims against Wheeler.
Wheeler acquired all Cedar common stock in August 2022; court found merger did not impinge preferred stock rights.
Plaintiffs have 30 days to appeal to Fourth Circuit.

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