NEW YORK, Nov. 26, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of Illinois on behalf of investors who acquired Prime Group Realty Trust ("PGRT" or "the Company") (Pink Sheets:PMGEP) Series B preferred stock.
For more information, click here: http://zlk.9nl.com/prime-group-realty-pmgep/.
According to the complaint, PGRT engaged in a series of "improper transactions" which favored shareholder Five Mile Capital Partners LLC ("Five Mile") over preferred shareholders. These transactions allegedly include the sale of 6,250,000 common shares to an affiliate of Five Mile, which thus awarded Five Mile the right to elect the majority of the Board of Directors and control over PGRT's outstanding common shares. It is further alleged that the merger between Five Mile and PGRT, announced September 28, 2012, undervalues PGRT stock and that a shareholder approval of the merger is a "near certainty to succeed given that Five Mile controls 65.41% of the Series B preferred shares."
If you suffered a loss in PGRT you have until January 21, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/prime-group-realty-pmgep/.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (866) 367-6510 www.zlk.comSource:Levi & Korsinsky, LLP