Based on reports from investors, it appears that David Lerner Associates may finally be fessing up on customer account statements as to the true value of the Apple REITs. Upon information and belief, investors in Apple REIT Eight (and quite possibly the other Apple REITs) have received their latest monthly account statements with a blank in the estimated par value per share (which was formerly reflecting at the artifically inflated $11/share).
These statements were also reported to have been followed by a letter to investors that indicates that David Lerner Associates can no longer use the $11/share valuation and that it will reflect the true value at a later date.
Investors who have received these latest statements and this letter from David Lerner Associates are encouraged to contact our attorneys at 312-332-0000 to discuss this development.
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